Demonetisation receives thumbs up from Google CEO

05 Jan, New Delhi: Google’s India-born CEO Sundar Pichai has described Prime Minister Narendra Modi’s demonetisation move a very bold one.

In an interview to Economic Times, Pichai said that Modi government’s demonetisation exercise is a “ bold and courageous move” that could “propel the country to the forefront of digital payments.”

Aiming to give a technological edge to the small and medium businesses (SMBs) in India, Pichai yesterday announced two initiatives ‘Digital Unlocked’ and ‘My Business Website’.

Google CEO also said “I have spent my life developing platforms. Every time you drive a platform shift, it has a big multiplicative effect, leveraged effect. Digitising a country of the scale of India, and making it work well, truly will have a beneficial effect.”

The UPI (Unified Payments Interface) stack also received plenty of praise and the CEO claimed that it was “phenomenal”. He told the Times of India that such big platform shifts have enormous effects, and that he would never underestimate them.

“These things can have tremendous multiplicative effects for a place like India. This country has a chance to leapfrog some things other countries have struggled with.We’re doing it with cellphones instead of landlines. Similarly , in digital payments, the UPI stack in India is phenomenal. Something like that doesn’t exist in most countries. I do think we have a unique opportunity. There is a lot more infrastructure here than people realise. The foundations have been set for digitising India on the payment side as well. I am not an expert on this. But I think it is a courageous move and from Google’s perspective, if there is anything we can do to help, we would be glad to do so.” he told the Times of India.