January 17, 2021

Zuckerberg, Telecom News, ET Telecom

New Delhi: Mark Zuckerberg, founder and CEO of social media company, has said that India is increasingly becoming a checkpoint for innovation on Facebook. “The decisions made here shape a global debate about how technology can lead to greater economic opportunity and better outcomes for people,” said the 36-year-old technology executive.

Zuckerberg pointed out India’s pioneering in the creation of digital ecosystems such as the Unified Payments Interface (UPI), which transacted more than 2 billion transactions in October. I think there will be. ”

Last month, the social network launched its paid service WhatsApp Pay on the UPI platform.

Speaking at the Virtual Facebook Fuel for India 2020 event on Tuesday, the billionaire entrepreneur said, “Our company is actually testing some new features here (in India) before launching globally.” The American company also screened its short video offering Instagram Reels, ahead of its global release in India.

“Speaking of trials, we announced on Facebook Watch that we are conducting a tour of India (Cricket) Australia on request,” he said in an event streamed online and on social networking sites.

Soon, in a virtual conversation with Mukesh Ambani, head of Reliance Industries, Zuckerberg said he expects most of the post-epidemic recovery to come from small and medium enterprises (SMEs).

Tools to stimulate the growth of SMEs

Facebook, along with its primary applications WhatsApp and Instagram, is the largest customer base in India, accounting for almost a third of all business users on WhatsApp.

“We support more than 50 million WhatsApp business users worldwide each month, of whom more than 15 million are in India,” Zuckerberg said. Facebook is focusing heavily on providing technology tools for the development of SMEs, and the company’s partnership with Reliance Industries-owned Geo Platforms will help with this vision, he said.

Earlier this year, Facebook invested $ 5.7 billion in a 9.9% stake in Geo Platforms, including a partnership between Facebook-owned WhatsApp and Geo’s eCommerce arm Geomart.

It is expected to bring 30 million Grana stores online to promote the digital transformation of small businesses and individual consumers. Ambani says this could help India achieve its goal of a $ 5 trillion economy and achieve income equality.

“We, on Facebook, want to say that we are in the business of serving small businesses. This is nowhere else than in India. This is important because small businesses here will be a key part of the global recovery and will move forward, ”Zuckerberg said.

In a statement, the company said it will focus on economic recovery by 2021 by working with small businesses in India. India is also one of the leading markets for Facebook Watch and has stated that it will continue to invest in movies, music and cricket to offset its involvement on its sites as part of its video strategy.

WhatsApp, through its partnerships with various financial institutions, will run a wide range of FinTech solutions such as micro-pensions, digital insurance products and more. Facebook expects India’s appetite for video to increase, adding a new dimension to the 5G video viewing experience.

Beyond videos

Zuckerberg hailed India’s entrepreneurial culture as “very significant” and pointed to large-scale innovations in social business, education, financial services and the great trend of fundraising.

Asked by Ambani about future technologies, Zuckerberg said that despite the huge growth in videos, it was not “the end of the line”. I focus on creating virtual and magnified reality … so you can not only share a video of an experience, but also go into an experience using virtual reality and feel like you are right there. ”

The American millionaire pointed out that holograms – photographic images of a light field, rather than an image formed by a lens – can be as realistic as physical objects.

“You started this by mentioning the (existing) India-Australia cricket match on Facebook. I look forward to one day (with virtual reality) where I will sit in Mumbai (in Australia) and be in a stadium. I hope that day is not far off with your digital architecture and leadership, ”Ambani said.