China's digital tech progress spurred India's digitisation: TCS executive
China’s rapid strides in digital technologies have indirectly inspired India to digitise its economy, TCS’ Asia-Pacific president has said.
Chinese technologies are making inroads in India, exemplified by the export of Ant Financial Services Group’s wireless payment solutions to Paytm.
The two signed an agreement in 2015 to create an Alipay clone in India.
India, like China, does not have an entrenched credit card culture. So with the right technologies and business models, jumping from cash to mobile payment is not difficult, he said.
On Friday, Paytm covers 150 million users in India and enables people to complete a variety of purchases and access microloans with a scan of their phones, he said.
China’s high-tech giants have already entered the South Asian market.
Tencent Cloud, the cloud business division of Tencent Holdings Limited, has established overseas services nodes in India and a data centre in Singapore to provide “secure and cost efficient” IT infrastructure, the Daily report said.
UCWeb Inc, a subsidiary of Alibaba Group Holding Ltd, announced the launch of a We-Media Reward Plan 2.0 in India to encourage and sponsor self-publishers and content distribution through the internet, it said.