The recent ET AI Conclave & Awards brought together key players in the Indian AI sector, including Sarvam, Neysa, and Fractal, to discuss the latest advancements and strategies in artificial intelligence. One notable topic was Apple’s potential foray into India’s thriving digital payments industry.
According to reports, Apple is in discussions with Indian banks to introduce a payment service that would support NFC-based transactions and UPI QR-code payments. This move could disrupt the market, which is currently dominated by players like Google Pay, PhonePe, and Amazon. However, entering a market with over 20 billion monthly UPI transactions and 600 million QR codes poses challenges, given India’s limited card terminals.
Despite the potential hurdles, Apple’s interest aligns with its growing market share in India, which reached 28% in the smartphone segment. This potential expansion signifies Apple’s strategic focus on enhancing its services ecosystem and tapping into India’s rapidly evolving digital payment landscape.
Amid this tech landscape, the industry is witnessing shifts in workforce dynamics. Companies like TCS are encouraging staff to leverage AI tools, reflecting the evolving skill demands in areas like AI and green-tech. Additionally, startups are reevaluating roles, with a rise in demand for experienced professionals and a shift towards tier-II cities for talent acquisition.
Source: Tech-Economic Times