Connect with us

Biz & IT

India’s Mswipe raises $30M to grow its smart point-of-sale terminal business

Published

on

Mswipe, an Indian fintech company that develops point-of-sale terminals for merchants, has pulled $30 million in new funding as it bids to triple its reach to 1.5 million merchants over the next year.

The company’s previous funding as a Series D in 2017 that ended up at just over $40 million, thanks to a $10 million extension from B Capital — the investment firm set up by Facebook co-founder Eduardo Saverin that’s backed by BCG. This time around, B Capital has provided the funding alongside other returning investors that include Falcon Edge, Epiq Capital and DSG Growth Partners. The deal takes the startup to $95 million raised to date.

We wrote extensively about the company’s strategy back at the time of that 2017 round, and essentially the thesis is that POS devices remain essential despite the proliferation of new fintech like mobile wallets. With that in mind, Mswipe makes its terminals cheaper than the competition while it can also work on more limited internet connections, even 2G, to help merchants and retailers in more remote areas or those on a modest budget.

More critically, Mswipe CEO and founder Manish Patel believes the country is “ripe for disruption” because it has so few terminals. With less than three million terminals in operation across the whole of India, even Turkey, with a significantly smaller population of 80 million, has more.

Right now, Mswipe claims to have reached over 400,000 merchants — up from 290,000 at the end of 2017 — and Patel said today that the aim is to grow that figure to 1.5 million over the next year.

To reach that ambitious target, Mswipe is once again trying to put more than just a terminal inside a terminal.

Beyond offering hardware that simply works and ties into newer types of payment, Mswipe has a vision of additional services for merchants. It is developing a new ‘smart’ POS — Wise POS Plus — that is developed on Android which allows applications like billing, inventory management and logistics to be pulled in, too. Indeed, the second piece to that is its own dedicated app store — MoneyStore — which is in development now and is aimed at housing a suite of productivity apps and related services for smaller retailers.

Mswipe is betting on a new Android-based smart terminal that will give its merchants access to productivity and management apps, too

“WisePOS Plus… powered by a suite of productivity apps, can enable a merchant to save thousands of rupees and hundreds of hours that go into running computer-based billing and inventory solutions with integrated payments. At the same time, we are also creating a huge opportunity for app developers with MoneyStore,” Patel said in a prepated statement.

The second major prong that he believes can bring this growth is the adoption of UPI, the government-backed real-time payments system in India. Mswipe said it is “all set to enable” the system which will allow QR payments at terminals. Mswipe is also working with lending startup Cashe on a co-branded card for consumers following a deal announced in December.

Source link

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Biz & IT

ChatGPT sets record for fastest-growing user base in history, report says

Published

on

Enlarge / A realistic artist’s depiction of an encounter with ChatGPT Plus.

Benj Edwards / Ars Technica / OpenAI

On Wednesday, Reuters reported that AI bot ChatGPT reached an estimated 100 million active monthly users last month, a mere two months from launch, making it the “fastest-growing consumer application in history,” according to a UBS investment bank research note. In comparison, TikTok took nine months to reach 100 million monthly users, and Instagram about 2.5 years, according to UBS researcher Lloyd Walmsley.

“In 20 years following the Internet space, we cannot recall a faster ramp in a consumer internet app,” Reuters quotes Walmsley as writing in the UBS note.

Reuters says the UBS data comes from analytics firm Similar Web, which states that around 13 million unique visitors used ChatGPT every day in January, doubling the number of users in December.

ChatGPT is a conversational large language model (LLM) that can discuss almost any topic at an almost human level. It reads context and answers questions easily, though sometimes not accurately (improving its accuracy is a work in progress). After launching as a free public beta on November 30, the GPT-3 powered AI bot has inspired awe, wonder, and fear in education, computer security, and finance. It’s shaken up the tech industry, prompting a $10 billion investment from Microsoft and causing Google to see its life flash before its eyes.

Also on Wednesday, OpenAI announced ChatGPT Plus, a $20 per month subscription service that will offer users faster response times, preferential access to ChatGPT during peak times, and priority access to new features. It’s an attempt to keep up with the intense demand for ChatGPT that has often seen the site deny users due to overwhelming activity.

Over the past few decades, researchers have noticed that technology adoption rates are quickening, with inventions such as the telephone, television, and the Internet taking shorter periods of time to reach massive numbers of users. Will generative AI tools be next on that list? With the kind of trajectory shown by ChatGPT, it’s entirely possible.

Continue Reading

Biz & IT

Netflix stirs fears by using AI-assisted background art in short anime film

Published

on

Enlarge / A still image from the short film Dog and Boy,, which uses image synthesis to help generate background artwork.

Netflix

Over the past year, generative AI has kicked off a wave of existential dread over potential machine-fueled job loss not seen since the advent of the industrial revolution. On Tuesday, Netflix reinvigorated that fear when it debuted a short film called Dog and Boy that utilizes AI image synthesis to help generate its background artwork.

Directed by Ryotaro Makihara, the three-minute animated short follows the story of a boy and his robotic dog through cheerful times, although the story soon takes a dramatic turn toward the post-apocalyptic. Along the way, it includes lush backgrounds apparently created as a collaboration between man and machine, credited to “AI (+Human)” in the end credit sequence.

In the announcement tweet, Netflix cited an industry labor shortage as the reason for using the image synthesis technology:

As an experimental effort to help the anime industry, which has a labor shortage, we used image generation technology for the background images of all three-minute video cuts!

Netflix and the production company WIT Studio tapped Japanese AI firm Rinna for assistance with generating the images. They did not announce exactly what type of technology Rinna used to generate the artwork, but the process looks similar to a Stable Diffusion-powered “img2img” process than can take an image and transform it based on a written prompt.

The film is currently available to view for free on YouTube.

Netflix’s official Dog and Boy promotional video.

Almost immediately, Twitter users responded with a torrent of negative replies to Netflix’s tweet announcing the film, such as, “I know a ton of animators looking for work if you guys are struggling to find them (are you looking very hard?).” Several others quoted legendary Studio Ghibli animator Hayao Miyazaki as saying that AI-powered art “is an insult to life itself.”

In a news release, Netflix expressed its hopes that the new technology would assist with future animation productions (translated by Google Translate): “As a studio, Netflix focuses on supporting creators in the creation of works on a daily basis. As the shortage of human resources in the animation industry is seen as an issue, we hope that this initiative will contribute to the realization of a flexible animation production process through appropriate support for creators using the latest technology.”

It also looks like Makihara also wanted to push boundaries in animation by using AI technology as part of the production process. The Netflix release quoted him as saying, “By combining tools and hand-drawn techniques, we can create something unique to humans … I think that the core of the story is ‘drawing a human being.’ I think that it will be possible to secure and return to its roots, which will eventually strengthen the strengths of Japanese animation and expand its possibilities.”

Labor shortage or not, AI assistance may possibly speed up production times and lower production costs, allowing the creation of more animated content than ever before. But will people be happy about it? That remains to be seen.

Continue Reading

Biz & IT

Up to 29,000 unpatched QNAP storage devices are sitting ducks to ransomware

Published

on

As many as 29,000 network storage devices manufactured by Taiwan-based QNAP are vulnerable to hacks that are easy to carry out and give unauthenticated users on the Internet complete control, a security firm has warned.

The vulnerability, which carries a severity rating of 9.8 out of a possible 10, came to light on Monday, when QNAP issued a patch and urged users to install it. Tracked as CVE-2022-27596, the vulnerability makes it possible for remote hackers to perform a SQL injection, a type of attack that targets web applications that use the Structured Query Language. SQL injection vulnerabilities are exploited by entering specially crafted characters or scripts into the search fields, login fields, or URLs of a buggy website. The injections allow for the modifying, stealing, or deleting of data or the gaining of administrative control over the systems running the vulnerable apps.

QNAP’s advisory on Monday said that network-attached storage devices running QTS versions before 5.0.1.2234 and QuTS Hero versions prior to h5.0.1.2248 were vulnerable. The post also provided instructions for updating to the patched versions.

On Tuesday, security firm Censys reported that data collected from network scan searches showed that as many as 29,000 QNAP devices may not have been patched against CVE-2022-27596. Researchers found that of the 30,520 Internet-connected devices showing what version they were running, only 557, or about 2 percent, were patched. In all, Censys said it detected 67,415 QNAP devices. The 29,000 figure was estimated by applying the 2 percent patch rate to the total number of devices.

“Given that the Deadbolt ransomware is geared to target QNAP NAS devices specifically, it’s very likely that if an exploit is made public, the same criminals will use it to spread the same ransomware again,” Censys researchers wrote. “If the exploit is published and weaponized, it could spell trouble to thousands of QNAP users.”

In an email, a Censys representative said that as of Wednesday, researchers found 30,475 QNAP devices that showed their version numbers (45 fewer than on Tuesday), and that of those, 29,923 are running versions that are vulnerable to CVE-2022-27596.

The mention of Deadbolt refers to a series of hack campaigns over the past year that exploited earlier vulnerabilities in QNAP devices to infect them with ransomware that uses that name. One of the most recent campaign waves occurred in September and exploited CVE-2022-27593, a vulnerability in devices that use a proprietary feature known as Photo Station. The vulnerability was classified as an Externally Controlled Reference to a Resource in Another Sphere.

Tuesday’s Censys report said that devices vulnerable to CVE-2022-27596 were most common in the US, followed by Italy and Taiwan.

Censys also provided the following breakdown:

Country Total Hosts Non-Vulnerable Hosts Vulnerable Hosts
United States 3,271 122 3,149
Italy 3,239 39 3,200
Taiwan 1,951 9 1,942
Germany 1,901 20 1,881
Japan 1,748 34 1,714
France 1,527 69 1,458
Hong Kong 1,425 3 1,422
South Korea 1,313 2 1,311
United Kingdom 1,167 10 1,157
Poland 1,001 17 984

In the past, QNAP has also recommended that users follow all of these steps to lower the chances of getting hacked:

  1. Disable the port forwarding function on the router.
  2. Set up myQNAPcloud on the NAS to enable secure remote access and prevent exposure to the Internet.
  3. Update the NAS firmware to the latest version.
  4. Update all applications on the NAS to their latest versions.
  5. Apply strong passwords for all user accounts on the NAS.
  6. Take snapshots and back up regularly to protect your data.

As reported by Bleeping Computer, QNAP devices over the years have been successfully hacked and infected with other ransomware strains, including Muhstik, eCh0raix/QNAPCrypt, QSnatch, Agelocker, Qlocker, DeadBolt, and Checkmate. Users of these devices should take action now.

Continue Reading

Trending