Google is putting its tech prowess to work in India, unveiling a slew of initiatives that span financial services, AI innovations, and more.
The company introduced groundbreaking AI-powered launches, strategic partnerships, and investments aimed at transforming the digital landscape at its annual 'Google for India' event in New Delhi.
A standout feature is the expansion of Google Pay (GPay) to include formal credit offerings for individuals and small businesses. In collaboration with some of India's top lenders, Google Pay is set to provide custom credit products. The backing comes from accredited financial institutions, and Google Pay is facilitating access to this credit.
Google is also addressing the growing issue of financial fraud by deploying 'DigiKavach', an early threat detection and warning system. This system is designed to spot emerging financial scam patterns, study them, and then implement effective countermeasures. While the effectiveness of DigiKavach remains to be seen, it's a sign of Google's commitment to keeping users safe from online financial scams.
In response to predatory loan apps that often exploit vulnerable users, Google is partnering with The Fintech Association for Consumer Empowerment (FACE). Google is actively working with FACE to identify and take swift action against personal loan apps that violate the Play Store's policies. By prioritizing these actions, Google aims to safeguard users from potentially harmful financial apps.
Google also extended its support in terms of investment to bolster initiatives in India, including a $4 million grant to the CyberPeace Foundation, an advocacy organization specializing in cybersecurity, and a grant of $3.3 million to Wadhwani AI an AI-powered pest management platform.
These initiatives and investments reflect Google's commitment to enhancing the digital landscape in India and improving the lives of its users. With a strong focus on finance and AI, Google is expanding its reach and impact in the country.