ITV

Category: Technology

  • Taiwan Excellence to showcase groundbreaking technologies at Taiwan Expo India 2024

    Taiwan Excellence to showcase groundbreaking technologies at Taiwan Expo India 2024

    Mumbai: Taiwan Excellence, renowned for its pioneering innovations and advanced technology across various sectors, will set up a pavilion at Taiwan Expo India 2024 for the seventh consecutive year. The expo, set to take place from July 8th to 10th at Bharat Mandapam (Pragati Maidan) in Delhi, is expected to be a major event.

    Taiwan Excellence aims to increase awareness of Taiwanese smart solutions, providing greater exposure and networking opportunities for award-winning brands, and introducing them to both Indian and global media and buyers. This year, the pavilion will be inaugurated by TAITRA chairman James C.F. Huang, and Indian dancer, choreographer, and television personality Shakti Mohan. The core focus for this year’s pavilion includes smart healthcare technology for smart home and living, advanced gadgets, ICT, and industrial products. offering an exciting and forward-looking showcase of innovations in these fields.

    In this edition, 24 brands will showcase groundbreaking products, many debuting for the first time in India, across diverse industries. The brands are ADVANTECH, AVer, CHIMEI MOTOR, CyberPower, EverFocus, Everlight Chemical, CYBO, GIGABYTE, GW Instek, HCP, Plimates, Hua-Jie, KANFON, Lanner, mbranfiltra, Mean Well, MicroBase, MSI, MODERNSOLID, JUSTIME, Transcend, Waterson, Wellell, and ZYXEL.

    Some of the HERO Products from these brands include CYBO Run, GIGABYTE’s Z790 AERO G Motherboard, KANFON’s Maglev Fiber Laser Cutting Machine, mbranfiltra’s Pocket Water Filter, and Plimates’ Energy Saving Paint, amongst others.

    Taiwan Expo, an annual event organized by the International Trade Administration MOEA in collaboration with the Taiwan External Trade Development Council (TAITRA), aims to strengthen the enduring ties between India and Taiwan. In 2023, two-way trade between India and Taiwan was worth $8.2 billion, with Taiwan’s exports to India reaching $6 billion, marking a 13 per cent growth and making India Taiwan’s 12th largest export market.

    Apart from business objectives, Taiwan Excellence is also actively involved in ESG campaigns as part of its corporate social responsibility. It will organise a unique sustainable activity at the pavilion, “Pedal for Progress,” to promote sustainability. This event will allow visitors to pedal towards distance goals, culminating in a tree plantation drive to reduce the carbon footprint. Taiwan Excellence also supports the “Go Green with Taiwan” global campaign, inviting creative proposals that combine Taiwanese sustainable green products with innovative solutions. The top three proposals will each receive a $20,000 prize, and submissions are open until 31 August 2024, at Go Green with Taiwan.

    As Taiwan Excellence celebrates its seventh year at Taiwan Expo India, it continues to forge new paths in innovation and technology, further solidifying the robust ties between India and Taiwan. This participation is set to foster greater collaboration and mutual growth, creating new opportunities for both nations in the years to come.

  • The devastating impact of data breaches on brand reputation

    The devastating impact of data breaches on brand reputation

    Any company handling data is susceptible to data breaches. IBM in 2023 conducted a study of 553 companies on the cost of data breaches, according to which a majority of organisations within the study had at least 1 major data breach in the past year. Healthcare was the most affected industrial sector by cyberattacks. Studies by sources like PwC have stated that data breaches are among the top reasons that ruin a brand’s image and have multifaceted repercussions, causing legal and financial setbacks as well. These studies also revealed that apart from external cyber attacks employees too were responsible for the accidental leakage of information.

    The main targets for such cyberattacks tend to be small and medium-sized companies since they are easy to penetrate by hackers. As small companies spend the least on cybersecurity they tend to be the most affected sector by cyber attacks. Certain small companies such as Code Spaces had to shut down due to heavy financial losses.  

    Data breaches shatter trust

    Studies have revealed that customers affected by data breaches stop doing business with the brand and may inform others about their negative experience resulting in some customers venting out on social media. Customers know that their information and once their data is breached, they are likely to move towards working with the competitor instead. A customer losing trust in a company is the most devastating and long term setback for that company. Therefore, the affected company must comply with data privacy and compliance regulations in order to build and nurture trust with their customers. Companies should even highlight their data protection policies and infrastructure to acquire new customers and strengthen trust with current ones.

    Cause financial loss

    Financial loss is the immediate and hard-hitting consequence of data breaches. The direct cost can include compensating customers, upgrading cybersecurity infrastructure, regulatory penalties and legal fees. Indirect financial loss includes the stock prices of the company plummeting post cyberattack. This usually happens since the sentiment towards the company changes and investors too are sensitive to the public perception of the company. Data breaches can significantly erode an investor’s confidence. A very popular example of share prices plummeting after a data breach is of Verizon acquiring the affected company Yahoo for a price $350 million cheaper after Yahoo suffered a data breach.

    Public scrutiny

    As mentioned earlier disgruntled customers might vent out on social media or even approach media houses to expose companies that suffered a data breach. News can spread fast making the company global news. Journalists make sure they dissect each and every detail about the data breach case and find the root cause and culprits behind it. IT becomes extremely difficult for companies to hide details in such situations and must have a plan ready to face these information hungry journalists. They need to be swift with regular updates on the situation and be upfront and transparent about the entire situation. They must leverage multiple media channels and take responsibility of their actions.

    What can be done?

    The best solution for cybersecurity is to prevent it all together. In order to do so a company must have a dedicated CIO chief information officer and a CISO chief information security officer who can take the responsibility of cybersecurity, build a long-term strategy, and lead a team of cybersecurity specialists. This builds a strong cybersecurity posture of the organisation and builds a culture prioritising cybersecurity. This will lead to each employee being mindful of various breaches and reduce accidental leakages. The short-term impact mentioned above is indeed devastating but long-term impact should also be mitigated such as loss of competitive advantage, reduction in credit rating, and increase in cyber insurance premiums. This can only happen when the entire organisation is part of the long-term cybersecurity mindset.

    The article has been authored by Tagglabs founder Hariom Seth.

  • Lakmē introduces an AR & AI-powered virtual tool – DefineU

    Lakmē introduces an AR & AI-powered virtual tool – DefineU

    Mumbai: The House of Lakmē, India’s first and largest makeup and skincare brand, has partnered with Perfect Corp, leading AI and AR beauty and fashion technology provider, to introduce DefineU – an innovative and personalised virtual makeover experience for its customers using the MultiSlayer Sticks. Through this groundbreaking collaboration, the brand offers an immersive and customized journey for its consumers by harnessing technology to revolutionize beauty.

    MultiSlayer Sticks help in eliminating a time-intensive, multi-step make-up routine with a singular, gender neutral product in stick form. These sticks are in two variants – MultiSlayer Cover Sticks, ft. six shades of foundation in a stick and MultiSlayer Face Sticks ft. 11 shades of blush, highlighter, and contour. For anyone looking for a lifted, snatched or a sculpted look, the MultiSlayer Sticks makes definition easy with DefineU, available on www. Lakmēindia.com.

    The tool provides beauty enthusiasts with an unparalleled level of engagement, redefining the way they explore and experience products. With Face Analyzer technology, DefineU scans a user’s face and identifies their unique face shape with precision and accuracy. Leveraging this insight, the tool recommends the perfect makeup look tailored to the user’s unique features. This expertise is further enhanced by Virtual Makeup Try-On technology, allowing consumers to virtually sample the Lakmē MultiSlayer Sticks and their shades in real-time.

    Since its launch at Lakmē Fashion Week X FDCI in March 2024, DefineU has offered an immersive and engaging experience. In a short span of time, the AR-powered interface has witnessed an adoption rate of 11 per cent, with the average time spent on the platform being 2 minutes and 22 seconds. Over 100,000 visitors have since then used the AR-powered interface to recreate beauty looks using the Lakmē MultiSlayer Sticks, customized to their face shape.

    Commenting on the partnership Lakmē VP Sunanda Khaitan said, “The House of Lakmē has always been a trendsetter. This time around as we debut an innovation in beauty tech with DefineU, we are aiming to change the way consumers approach beauty, by creating high performance and effective solutions. Complemented by our game changing Lakmē MultiSlayer Sticks, one can now participate in a comprehensive beauty experience at the intersection of product and technology to express themselves. We have engaged Perfect Corp.’s state-of-the-art AR and AI technologies to bring this to life.”

    “We’re thrilled to partner with Lakmē, one of the most iconic and loved brands to help enable a personalized, seamless, customer-centric shopping experience for users.” said Perfect Corp country head, India Tanuj Mishra. “Leveraging the power of AR, we’ve created DefineU, a groundbreaking virtual try-on tool. This collaboration brings cutting-edge technology to the forefront, empowering consumers with a beauty experience that surpasses expectations and sets new standards in the industry.”

  • Is AI becoming a better friend to the youth than humans: Cheil India’s new report

    Is AI becoming a better friend to the youth than humans: Cheil India’s new report

    Mumbai: Artificial Intelligence is dawning a new digital age, and the Indian youth are leading the charge, reveals a new report by Cheil India. The report, titled ‘Generation AI – Exploring the dual role of AI in Indian youths’ lives and its implications for brands, dives deep into AI usage by Gen Z students (aged 16 to 25) in India, covering their academic and personal uses of AI tools on an everyday basis. It includes quantitative and qualitative research findings from over 1200 students across the country.

    Cheil SWA president and CEO Limseob Chung said, “Over 68 per cent of the youth have a more positive perception of AI now than last year. Brands must adapt to this new reality where LLMs are the new best friends that the youth seek advice from. The caution regarding AI adoption is giving way to more optimism as the once-sceptics are turning into super users.”

    “We found 73 different usage scenarios for AI and this is just the tip of an iceberg yet to emerge” said Cheil SWA COO Sanjeev Jasani. “While it’s no surprise that more students are motivated to utilise AI for learning purposes, their personal uses are way more varied and interesting, ranging from daily life hacks to creativity to connecting with others.”

    Cheil India chief strategy officer Sourav Ray explained, “AI plays two roles: as the Liberator in academics, freeing students from the constraints of traditional education, and as the Conqueror in personal life, helping the youth seize new opportunities and face their fears.”

    AI as the liberator from traditional education

    On the academic side, there are six segments of AI usage by the youth:

    1. Troubleshooter: 33 per cent of students use AI to solve academic problems, mainly male students in schools and undergraduate studies. This liberation from academic grunt work is being sought majorly by around 54 per cent male students.

    2. Automator: 16 per cent automate school work and assignments, focusing more on co-curricular activities. This segment consists largely of college and university students.

    3. Instructor: 77 per cent believe AI enables self-paced learning, acting as a non-judgmental, tireless private tutor. Students appreciate this freedom to learn at their own pace.

    4.    Navigator: 15 per cent use AI as a scheduler or time-manager, especially before exams. STEM (29 per cent) and Business (27 per cent) students are the most common users in this segment.

    5. Explorer: Eight per cent use LLMs to explore new topics outside their current field of study, seeing AI as a career counsellor and guide.

    6. Mentor: Six per cent use AI as a co-builder of new ideas or ventures, they are mostly STEM (31 per cent) and Business (24 per cent) students. This segment is not just using AI; they are also creating future applications and businesses around AI.

    AI as the conqueror in personal life

    Gen Z has found an ally in AI, which shape-shifts into trusted confidants, creative collaborators, and relationship coaches. The 5 segments identified are:

    1. Genie: 31 per cent use AI for daily life hacks, from suggesting home décor tips to travel itineraries.

    2. Savant: 31 per cent expect AI to provide expert advice, replacing visits to specialists. This includes medical diagnosis, legal advice, astrology, make-up tips, coding help, and more.

    3. Co-creator: Many use AI as creative partners, generating inspiration for ideas or bringing those ideas to life with simple prompts. The most commonly used AI creative tool is Canva, followed by other tools like Designs.AI, Adobe Firefly, Figma and DallE.

    4. Wingman: Eight per cent seek AI’s help in social situations, particularly introverts or youth with social anxiety. This segment has 54 per cent male users, who are primarily residing in Metros.

    5. Buddy: While 72 per cent believe AI will soon understand them better than many people, there are few who are using it to conquer loneliness (11 per cent). This segment actively seeks a friend or a therapist in AI, discussing personal issues or having intimate conversations. The report calls this “human-machine symbiosis” once only shown in sci-fi movies, but now happening in real life.

     

    The flipside: A cautionary tale of over-dependence on AI

    However, not everything is rosy in ‘AI-land’. The report also highlights the rising concerns among the youth. 41 per cent fear that overdependence on AI will reduce creative or critical thinking skills. Nearly 40 per cent doubt the quality of AI-generated outputs, calling them too generic or superficial. In academic spheres, while there is broader acceptance of AI in everyday learning, 56 per cent still hold the conventional view that using AI is a form of cheating.

    If AI is affecting the way we think independently, the question, therefore is: Will the famous Descartes quote “cogito ergo sum” still hold true in the age of AI?

    How should brands navigate this new AI world order

    The report also provides specific insights for brand builders and business leaders on navigating the future:

    1.  High-involvement experiences: Brands need to understand the level of AI involvement among youth before creating AI-enabled solutions. The report shows how the needle needs to move from ‘transactional exchanges’ in low-involvement users to ‘relational experiences’ in highly-involved ones.

    2.  To each their own brand: Customers are becoming so AI-dependent that their purchase journeys are beginning with a prompt. Brands might soon need to achieve AI-enabled hyper-personalization, creating distinctive new identities and offerings for each consumer.

    3.  Brands as AI: Brands that have traditionally focused on building a personality over time need to now start thinking about ‘brand personification’. Future consumers will prefer interacting with brands as if they are friends or mentors. Imagine a 16-year-old asking Nike about weight loss or asking Dove about building confidence. This might be the right time to start developing “brand LLMs”.

    4.  Empathy is the key: AI solutions must act with empathy, addressing human vulnerabilities to either liberate youth from their issues or help them conquer new frontiers. The question every brand need to ask is: What will we as a brand do with AI that either liberates or conquers?

  • Blockchain technology is a game-changer for protecting brands against counterfeit goods: Padmakumar Nair

    Blockchain technology is a game-changer for protecting brands against counterfeit goods: Padmakumar Nair

    Mumbai: Ennoventure Inc. has unveiled an advanced brand protection technology which has been designed to bolster legal defenses against brand abuse. We would like to propose a fascinating and topical narrative that explores the intricate and ever-changing landscape of trademark protection: “The Tech-Counterfeiter Tango: How Innovation Fuels the Game of Cat and Mouse.”

    In today’s era of rapid technical progress, the conflict between brands and counterfeiters has taken on a new dimension, resembling an intricate dance where each move is met with a strategic countermove. As per a report by ASPA and CRISIL, in India alone, 25-30 per cent of products sold are spurious with counterfeiting. This increases the need for anti-counterfeit solutions to battle the grappling issue, ensuring brand protection and product authencity. To address this, Ennoventure’s latest technological innovation named ‘Enncrypto’ will help brands respond to the relentless pursuit of cutting-edge technologies by counterfeiters, employing equally creative methods to preserve their reputation and ensure customer safety and satisfaction.

    Indiantelevision.com caught up with Ennoventure, Inc CEO & co-founder Padmakumar Nair where he shed light on numerous topics regarding the evolution of counterfeiting techniques

    Edited excerpts

    On the sophisticated methods currently employed by counterfeiters to bypass brand protections

    Counterfeiters are increasingly using advanced technology to evade brand restrictions. They are able to replicate products in almost all industries using these techniques.

    1   Advanced Printing Technology: Counterfeiters use high-resolution printers and specialized inks to reproduce packaging, labels, and even security features such as holograms and barcodes with remarkable precision.

    2   Chemical and Material Mimicry: Advanced chemical processes enable counterfeiters to mimic the physical properties and materials used in authentic products for instance in the pharmaceutical industry, making it difficult to distinguish between genuine and fake items.

    3   Supply Chain Infiltration: Counterfeit goods are introduced into legitimate supply chains through various means, including unauthorized production at subcontractors, smuggling, and diversion of genuine products.

    4   Digital Counterfeiting: Online platforms are exploited through the creation of counterfeit websites and listings on e-commerce marketplaces, using sophisticated digital imagery and deceptive marketing to deceive consumers.

    5   Global Smuggling Networks: Illicit networks utilize complex logistical routes and falsified documentation to transport counterfeit products across international borders, evading customs inspections and legal scrutiny.

    6   Technological Adaptation: 3D printing, digital scanning, and artificial intelligence replicate complex designs, especially in the luxury goods industry.

    On invisible signatures offering more over traditional anti-counterfeit measures

    Invisible signatures offer significant advantages over traditional anti-counterfeiting measures, making them a powerful tool in combating counterfeiters. Primarily, they enhance security by making it difficult for counterfeiters to detect and replicate, providing an additional layer of protection. Their non-intrusive nature ensures that the appearance of products or packaging remains unaltered, thereby preserving brand integrity.

    Moreover, invisible signatures are easily verifiable using mobile devices, streamlining the authentication process. This quick and efficient verification is particularly beneficial in high-volume environments. The ability to customize these signatures for each product batch further complicates counterfeiters’ efforts, as mass-producing fake items becomes substantially more challenging.

    Additionally, invisible signatures can be seamlessly integrated with existing processes and other security features, such as QR codes or blockchain technology, for enhanced protection. This combination of features creates a robust anti-counterfeiting system that is difficult to breach.

    Overall, the security, non-intrusiveness, ease of verification, and customizable nature of invisible signatures make them an invaluable asset in safeguarding brands against counterfeiting.

    On utilisation of blockchain technology to protect brands from counterfeit goods

    Blockchain technology is a game-changer for protecting brands against counterfeit goods, offering several robust solutions. Firstly, blockchain provides unparalleled supply chain transparency by creating a transparent and immutable record of a product’s journey from manufacturer to consumer, making it significantly easier to track and verify authenticity. The tamper-proof nature of blockchain ensures that once data is recorded, it cannot be altered, guaranteeing the accuracy of product information. This technology also empowers consumers, who can access blockchain records via QR codes or NFC tags on products to confirm authenticity before making a purchase. Besides, blockchain can be seamlessly integrated with other anti-counterfeit technologies, such as invisible signatures and AI-powered authentication, creating a comprehensive security solution. Utilizing blockchain technology can dramatically enhance the effectiveness of our anti-counterfeiting strategies.

    On consumers becoming more empowered in the fight against counterfeit goods

    Consumers are increasingly empowered in the fight against counterfeit goods through a variety of innovative means:

    1   Access to Information: Consumers have greater access to product information and supply chain details through digital platforms and mobile apps, enabling informed purchasing decisions.

    2   Verification Tools: QR code scanners and NFC technology in mobile apps allow consumers to authenticate products easily, helping them identify counterfeit items at the point of purchase.

    3   Consumer Education: Brands conduct awareness campaigns to educate consumers about counterfeit risks and how to distinguish genuine products from fakes, empowering them to make informed choices and report suspicious products.

    4   Social Media Impact: Social media provide a platform for consumers to share experiences and warnings about counterfeit goods, promoting community awareness and vigilance.

    5   Reporting Mechanisms: Improved reporting channels, including official websites and consumer hotlines, enable consumers to report suspected counterfeit products promptly, aiding in enforcement efforts against counterfeiters.

    6   Legal Support: Strengthened regulatory frameworks and laws support consumers in seeking redress and combating counterfeit trade, enhancing consumer protection and market integrity.

    On discussing the dynamic cat-and-mouse game between counterfeiters and brands

    The battle between counterfeiters and brands is a dynamic cat-and-mouse game, where both sides are in a constant state of adaptation. Whenever brands introduce new anti-counterfeit technologies like invisible signatures or blockchain verification, counterfeiters respond with agility and resourcefulness. They reverse engineer products to replicate security features, invest in advanced printing technologies to mimic packaging and labels with high accuracy, and exploit vulnerabilities in supply chains through social engineering or insider threats. Technological advancements such as 3D printing and digital scanning further empower counterfeiters to replicate complex designs and security elements. Global smuggling networks enable them to distribute counterfeit goods across borders, exploiting regulatory gaps and leveraging online platforms to reach consumers directly.

    To stay ahead, brands must remain vigilant and continuously adapt and innovate their anti-counterfeit strategies, collaborate closely with technology experts and law enforcement agencies, and maintain rigorous oversight of global supply chains to effectively protect consumers and uphold brand integrity.

    On the future of anti-counterfeit solutions evolving in the next five to ten years

    The future of anti-counterfeit solutions is set for significant evolution over the next five to ten years. We can expect huge advancements in AI, machine learning, and blockchain to greatly enhance the accuracy and reliability of our anti-counterfeiting efforts. Integrated solutions that combine various technologies—such as invisible signatures, blockchain, and the Internet of Things (IoT)—will offer more robust protection. Real-time tracking and monitoring of products throughout the supply chain will become more sophisticated, helping to detect and prevent counterfeiting more effectively. Stronger regulatory frameworks and international cooperation will also play a crucial role in creating a more robust legal environment against counterfeiters. Moreover, increased consumer education and engagement will empower individuals to recognize and report counterfeit products, promoting a collective effort to safeguard authenticity. Ultimately, these advancements will lead to a more secure marketplace that ensures the integrity of products and enhances consumer trust worldwide.

  • ICICI Bank introduces ‘SmartLock’ on iMobile Pay

    ICICI Bank introduces ‘SmartLock’ on iMobile Pay

    Mumbai: ICICI Bank has announced that it has launched ‘SmartLock’, a unique safety measure to enable its customers to lock/unlock multiple banking services instantly, without seeking the help from a customer care executive through phone or e-mail.

    Available on iMobile Pay, it empowers customers to lock/unlock access to internet banking, UPI (including payments from other UPI apps linked to the Bank account), credit and debit cards, simply by clicking a button, thereby taking safety of their account in their own hands. ‘SmartLock’, the first-of-its-kind measure in the Indian banking sector, also allows customers to lock/unlock the entire iMobile Pay.

    Customers can use this feature to deactivate a particular banking service during a period of time. They can also use it in case of a possible fraudulent transaction. It is worth noting that the ‘SmartLock’ feature allows scheduled standing instructions (SI) and e-mandates to go through, even when a banking service is locked by the customer.

    Speaking on the initiative, ICICI Bank head – digital channels and partnerships Sidharatha Mishra said, “Safety of our customers’ accounts is of utmost importance to us. The launch of ‘SmartLock’ is yet another effort of the Bank to strengthen the safety and security of the customer’s accounts and safeguard their interest. This Do-It-Yourself (DIY) feature provides customers the convenience of enhanced security for banking services in their own hands, in one place. The introduction of ‘SmartLock’ is a part of various ‘safe banking’ initiatives of the Bank.”

    Below are the steps to use the ‘SmartLock’ feature:

    . Login to iMobile Pay

    .  Click on ‘SmartLock’ feature on the bottom right corner of the home screen

    . Click on the key banking services that you wish to lock/unlock

    .  Swipe to confirm

    For more information on ‘iMobile Pay’ and to download the app, visit the Google Play Store or Apple App Store.

    To start using ‘iMobile Pay’, customers of any bank can link their bank account with the app, generate a UPI ID and begin transacting.

  • Razorpay first PA to offer International payments, saving 50 per cent on fees

    Razorpay first PA to offer International payments, saving 50 per cent on fees

    Mumbai:  With an unwavering commitment to simplify money movement for businesses irrespective of size, Razorpay, an omnichannel payments and banking platform for businesses, today announced the expansion of its MoneySaver Export Account for Freelancer Professionals. This makes Razorpay the first Indian Payment Aggregator (PA) to offer international payments for freelancers.

    This feature will now enable Freelancers to open a Smart Account in any country of their choice and accept payments locally via bank transfers on the Razorpay platform, all while benefiting from zero withdrawal fees. Razorpay aims to empower over 15 million Indian freelancers by saving them up to 50 per cent in fees and commissions on international bank transfers.

    India stands as the second-highest contributor to the global freelancer market. They primarily seek work through social media or online freelancing platforms. However, the payment options currently available to them are not seamless and cost-efficient. International payments for exporters largely rely on International Bank Transfers, with SWIFT being one of the primary modes. However, these transactions come at a significant cost, as per RBI reports, with approximately $13 spent on SWIFT charges for every $200 remitted. For freelancers, the challenges are even more daunting. Direct bank transfers can incur fees of up to $30 per transaction, along with additional currency conversion charges. This results in Indian freelancers losing up to 25 per cent of their income.

    Commenting on the development, Razorpay COO Rahul Kothari said, “While India continues to grow as one of the fastest-growing markets for freelancers, it’s crucial to have seamless and a cost-efficient method to manage international money transfers securely and support this dynamic community with immense potential.”

    The MoneySaver Export Account adheres to the latest RBI guidelines, incorporating video KYC ensuring a safe and secure experience for freelancers. The account enables freelancers to receive international bank transfers from over 160 countries within 5 seconds, eliminating the need for additional paperwork. Additionally, the MoneySaver Export Account offers freelancers a single-click Digital FIRC (Foreign Inward Remittance Certificate) and incurs no withdrawal fees from online freelance marketplaces, unlike other solutions that currently charge $2 per withdrawal along with marketplace commissions of 20 per cent for every $500 earned. This account can be created across the US, UK, Canada, Europe, and other priority export markets, enabling the use of preferred banking networks like ACH, SEPA, SWIFT, and FPS.

    Commenting on the development, Rahul Kothari, Chief Business Officer, Razorpay, said, “While India continues to grow as one of the fastest-growing markets for freelancers, it’s crucial to have seamless and a cost-efficient method to manage international money transfers securely and support this dynamic community with immense potential.”

    Kothari added, “Freelancers face formidable challenges, particularly with direct bank transfers that can carry fees as high as $30 per transaction, compounded by additional currency conversion charges. As a result, they lose up to 25 per cent of their income. By addressing these challenges, our solution aims to significantly reduce the burden of high transaction fees and currency conversion charges that freelancers often face, thereby empowering this community with the unparalleled benefit of seamless, border-free global banking. Our commitment to providing a reliable, hassle-free financial experience can now ensure that freelancers can focus on what they do best—delivering exceptional work to clients around the world.”

    Razorpay has provided significant backing for export payments via its MoneySaver Export Account. Tailored specifically for exporters, the MoneySaver Export Account enables merchants to receive international payments through electronic funds transfer systems. This account, launched last year, has garnered substantial adoption, with over 15,000 exporters embracing its benefits so far. In addition, last year, Razorpay also introduced Forex Service for founders, which enabled Indian startups to effortlessly transfer globally raised funds to India, empowering them to navigate the international financial landscape with ease and thus maximize their Foreign Funding  Inflow (FDI) to India.

  • Beaconstac rebrands to Uniqode

    Beaconstac rebrands to Uniqode

    Mumbai: Beaconstac, a leading QR code-based solution provider, unveiled its new identity and brand name –  Uniqode. The decision to rebrand reflects the company’s evolution beyond its original beacon technology roots. It underscores the company’s vision to seamlessly connect the physical and digital realms by revolutionizing customer engagement.

    Uniqode’s distinctive digital codes will empower businesses to create a dynamic “phygital” experience. By bridging the gap between in-person interactions (IRL) and online engagements (URL), Uniqode ensures that brands can engage with their audience precisely when and where it matters. These unique codes resonate with consumers, enabling seamless transitions from physical to digital and vice versa.

    Uniqode co-founder & CEO Sharat Portharaju emphasized that the rebranding represents more than an update—it’s a declaration of intent. “We’re Uniqode, and we’re here to connect the planet, one unique code at a time. The company’s commitment to rewriting the rules of connection will create meaningful experiences for both businesses and consumers.”

    While Uniqode serves a global clientele, its presence in India holds special significance. Co-founder and CTO, Ravi Pratap explained, “Sharat and I are both based in India, and 80 per cent of our employees work here. Uniqode’s homegrown narrative resonates with local talent and potential investors. As the team expands, Uniqode aims to attract top talent and foster strategic partnerships within the Indian market. This local focus aligns seamlessly with the company’s global vision.”

    Uniqode’s QR Codes have led to impressive success stories across various industries. With a focus on hospitality, consumer goods, retail, and real estate, its technology has made a significant impact. For instance, Lionsgate, a major entertainment company, experienced over 12,000 interactions through personalised QR Codes. These codes enhanced viewer engagement with their content, resulting in increased viewership and interest in their movies and shows. Similarly, Flipkart, India’s leading e-commerce platform, recorded over two million scans on their TV ads using Uniqode’s QR Code technology. This drove significant traffic to their online store and boosted purchases. In a short span of time, Uniqode has proven effective in enhancing customer engagement, tracking user interactions, and driving substantial business outcomes.

    Uniqode’s rebranding follows a year of remarkable achievements. In January 2023, the company secured $25 million in a Series A funding round – an investment that has fueled expansion and innovation.

    With over 50,000 businesses relying on Uniqode for QR code-based interactions, the platform has successfully collaborated with prestigious brands such as Pepsi, Revlon, Amazon, Deloitte Digital, Nestle, Toyota, WWF, Marriott, and The New York Times.

  • Subscription-based mobile apps: Strategies for monetization and user retention

    Entrepreneurs have many opportunities in the mobile app industry, a billion-dollar economic force. However, to capitalize on these opportunities, they must monetize them effectively and cleverly.

    According to Statista industry forecasts, mobile app revenue will significantly increase by 2027. It predicts a growth explosion in all market segments, with new revenue records reaching 21 distinct industries.

    Development is not the conclusion of the trip. The initial step is merely to launch your app. In a crowded market, getting users’ attention is the true test. The key is to use strong strategies that attract users and offer unique value while ensuring a smooth user experience.

    By carefully designing an exceptional app, you can establish a unique market position, boost user engagement, and eventually enjoy its success.

    The success of an app is largely dependent on its monetization strategies. A carefully thought-out plan guarantees:

    1  Revenue generation: Businesses must be able to earn money from their apps through monetization strategies to pay for app development.

    2  Sustainable business model: Entrepreneurs can establish a long-term growth-enabling sustainable business model by implementing a successful monetization strategy.

    3  Encouragement of innovation and updates: Successful monetization techniques supply the funds required to invest in R&D, innovation, and creativity.

    Let’s start with app monetization to lay the foundation before exploring the fascinating world of mobile apps.

    Selecting the ideal app monetization strategy unlocks your app’s full earning potential, much like finding the proper key.

    Before choosing one, you must weigh several elements to decide whether a subscription retention model is the appropriate pricing plan for your platform.

    The freemium model has transformed app monetisation, which allows apps to be downloaded for free but offers in-app purchases or additional paid features. Among the benefits are :

    1  Large user appeal: Since freemium apps are initially free, a large user base is drawn to them. This may result in increased usage and revenue opportunities.

    2  Increasing use: Giving away an app’s downloads for free might encourage users to try. This increases the likelihood that they will utilize it and makes it easier for them to do so.

    3 Chances to sell more: Basic functionality is included in freemium programs. Users become interested in this. They could then desire more. You can then provide premium choices at that point.

    Let’s grasp the­ mobile app market’s status before­ diving into specific ways to make money. Mobile­ apps are in high demand, with billions of smartphone use­rs globally. The global mobile app market is se­t to reach $407.31 billion by 2026. What’s more? Mobile app income­ is also shooting up at a rapid pace.

    The revenue generated by mobile apps is continuously increasing. About 268 billion were gathered in this manner in 2022. The majority of the revenues from this app market came from advertisements. Approximately 205 billion were generated by app purchases. Although users have a wide selection of applications, developers are up against fierce competition. To be profitable, they must select the appropriate strategy. This might mean the difference between winning and losing in this high-stakes game.

    Another effective method of app monetization is through in-app purchases (IAPs). Developers can allow users to buy virtual goods, premium content, or extra features straight within the app by using this model. Whether it’s getting rid of advertisements for a smooth experience, accessing premium content in a productivity app, or breaking through new levels in a game, in-app purchases offer users real value while making money for developers. In-app purchases can be successful if you provide users with relevant and appealing products that improve their experience and increase conversions.

    The article has been authored by AdCounty Media co-founder and chief strategy officer Kumar Saurav.

  • Unveiling the brilliance of blockchain in the jewellery industry

    Unveiling the brilliance of blockchain in the jewellery industry

    Mumbai: In the glittering world of jewellery, a revolutionary technology is quietly making its mark: blockchain. You may have heard about blockchain in terms of cryptocurrencies such as Bitcoin, but its use in the jewellery industry has been no less breathtaking. Let’s understand how blockchain technology is changing people’s perception and means of purchasing jewellery.

    Throwing light on transparency

    One of the major aspects of blockchain in jewellery business is transparency. Can you imagine following a diamond from where it was mined till it turns into that ring on your finger? With blockchain this is not just a wish—it’s a reality. Every stage in the jewellery supply chain starting from mining and refining up to manufacturing and selling can be documented on an unalterable ledger within a blockchain. This kind of transparency enables customers to make informed choices about their pieces of jewellery, being assured that they come from ethical sources and are high-quality.

    Ethical sourcing: Beyond conflict

    Blockchain technology also addresses the issue of ethical sourcing in the jewellery sector. Companies can verify through blockchains that their products did not come from conflict zones or unethical practices by recording where they get precious metals and gemstones from. This openness gives comfort to consumers who want their jewels to indicate their commitment towards sustainability and social accountability.

    Fighting forgeries using technology

    In the jewellery industry, counterfeit goods are a persistent challenge, however, blockchain presents a huge barrier. A unique digital identifier is assigned for every piece of jewellery such as a QR code or serial number that are then recorded into the chain. That is why it would be very hard for counterfeiters to either reproduce or alter these products. Based on this, consumers can scan their identification and obtain the relevant blockchain record to avoid fraud.

    Simplifying supply chain processes

    Streamlining the jewellery supply chain through blockchain technology makes it more effective and secure. Blockchain reduces paperwork and lowers errors by providing a decentralized platform to track inventory, manage logistics, and settle payments in the supply chain. Smart contracts, which are self-executing contracts with the terms written into code, automate various processes, further enhancing efficiency and reducing costs.

    Building trust and confidence

    Ultimately, blockchain technology enhances faith and certainty in the jewellery industry. It allows customers to buy without any worry because it provides transparency, ethical sourcing and counterfeit proofing. In making such choices, jewellery firms that integrate blockchain show their commitment to integrity, sustainability, and innovation, earning the loyalty and admiration of their customers.

    The future of blockchain in jewellery industry

    As time goes by, it is likely that we will find more advanced uses of blockchain technology in the jewellery industry as a whole. For example, some companies are considering using blockchains for making digital twins of physical jewels thereby facilitating resale and trade of pre-owned pieces.

    In summary, blockchain technology is not just a catchphrase – but a ray of hope for the jewellery sector. It is transforming how we see, purchase and cherish our jewellery. So next time you wear an eye-catching piece of jewellery, reflect on the underlying brilliance of blockchain that lights up not only precious stones used in its creation but also the values and integrity of the industry itself.

    The author of this article is Fulchand Gulabchand founder & managing director Diksha Rajawat.