A March 2020 report by KPMG’s 2020 Technology Innovation Hub found that India has tied with China as the world’s second most disruptive tech market. India’s moves in technology have intensified from 2015 – when the country sat at 81 on the Global Innovation Index – to 2019, where India attained the 52nd spot on the list.
Bengaluru was also named as one of the top innovation hubs for tech outside of Silicon Valley, a huge feat that showcases India’s prowess in matters of tech. What other tech advances are we seeing in India that could help it continue to rise up the ranks by the time the surveys are conducted again?
Emerging technologies are seeing quite a boom in India. One of these technologies is facial recognition. Indeed, the country announced in November 2019 that they were setting up the world’s biggest facial recognition system. Indeed, facial recognition was used by law enforcers to identify 1100 people who had appeared at a riot, showing how such technology could be used in practical terms. The move shows how the Indian government is keen to use data in a holistic way. The images used for the recognition were sourced from ID cards and government-issued documents.
We already use facial recognition as passwords to our phones and for some security setups, but its use on such a large scale could benefit a range of industries, such as travel and events. The facial recognition software, which aims to be up and running nationwide by 2021, is powered by artificial intelligence. If it is successful in India, other countries could see similar systems being set up, which may then lead to India becoming known for pioneering facial recognition on a mass scale.
Cashless payments too are growing at a faster rate in India than anywhere else in the world, according to recent reports. In the last year alone (to November 2019), cashless payments increased by 55%, while fellow tech disruptor China only saw a 48% increase according to the Bank for International Settlements. This comes from a deep penetration of smartphone use in India’s large population, many of whom aren’t set for traditional banking. KPMG suggests that this growth rate will average 24% annually in developing markets through to 2024.
Indeed, there is evidence across society that digital payments are on the up. As this guide to online betting in India shows, the payment method – including digital means such as Astropay and Paysafecard – is a factor when comparing sites to use as a customer. The choice of payment method could sway a potential customer to one site or another. This proves just how important the digital payment industry is in India. E-commerce is offering digital payments as a way of conducting standard financial transactions as well. As the industry grows, people may seek out retailers that offer some kind of digital payment.
India will most likely continue to be a digital disruptor and to improve its tech offering. With governmental push for technologies such as facial recognition, we can see that it may penetrate more into society and even expedite and enhance how certain things are done now. We can also expect digital payments to continue their growth trajectory, especially given how they are becoming assimilated into everyday life.