India’s digital payment market is on fire, mainly due to new easy-to-use apps that also offer discounts and cash bonuses. The country’s banks, postal service and richest man (Mukesh Ambani) are investing in the arena, and even Warren Buffett, through Berkshire Hathaway, is reportedly taking a stake in the country’s leading digital payment company Paytm. Credit Suisse Group estimates that the Indian market will reach $1 trillion by 2023. China, meanwhile, already has a digital payments market valued at $5+ trillion. Continue reading Competitors Aim to Dominate India’s Digital Payments Market

Android creator Andy Rubin’s startup, Essential Products, born out of his incubator Playground Global, may be on the sales block. The startup, which raised about $300 million from Amazon, Tencent Holdings, Redpoint Ventures and Hon Hai Precision Industry (Foxconn), ceased development of a new smartphone, say sources, and hired Credit Suisse Group to advise on its sale. Reportedly, Essence has already piqued the interest of one potential buyer. The original Essential smartphone, manufactured by Foxconn, debuted last August. Continue reading Essential Kills Next Smarthone and Is Reportedly Up for Sale

Having created the world’s largest biometric-identity database, India is now opening it up for use by tech firms, healthcare providers and app developers. The country’s government had already culled fingerprints and eye scans, among other digital ID records, of nearly all its 1.2 billion citizens. Now, “India Stack,” a government-backed initiative, plans to standardize the digital exchange of that data. The result will make it easier for citizens to conduct financial transactions, get jobs and verify their identity. Continue reading India Opens its Massive Biometric Database to App Developers

On the eve of Apple’s expected new iPhone unveiling September 7, Samsung announced on Friday that it is recalling its Galaxy Note7 due to a problem with the battery cell that could lead to overheating. The world’s biggest maker of smartphones plans to replace 2.5 million phones shipped to consumers and stores. Reports first appeared online when users posted images and videos of charred phones that had reportedly exploded, often while charging. Manufacturing the replacement phones will take two weeks, according to Samsung, although it has yet to say how much the recall will cost the company. Continue reading Samsung Recalls Galaxy Note7 Phablets Due to Battery Fires