e-commerce
Less-cash to digital economy the goal, but remonetisation behaviour uncertain, feels Jaitley
NEW DELHI: Huawei Telecommunications India CEO Jay Chen has said that demonetisation and the resultant shift to digital economy will help India bridge the digital gap and transform the country into a digitally empowered society and knowledge economy.
Addressing a ‘Digital Economic Forum 2016’ organised by Times Network in association with Huawei India, Chen said “Today India is at the centre of the world’s attention thanks to the vision and leadership of the present Government. Key national initiatives have given an impetus to the Indian economy. Digital India specifically, is the engine of all the key initiatives. We believe the recent drive by the Government towards digital payments is the heart of a digital economy. The recent high value currency demonetisation is a lifetime opportunity for India to leapfrog into a digital economy.”
Other speakers included Finance Minister Arun Jaitley, and Power and Coal Minister Piyush Goyal and those present included Vodafone India External Regulatory Affairs Director P Balaji, Mobikwik founder andf CEO Bipin Preet Singh, Shopclues founder Sanjay Sethi and State Bank of India MD Praveen Kumar. The forum included a panel discussion on ‘Digi-Monetisation: Sparking a less cash economy in India’ that involved participation from key industry experts.
Jaitley said, “Management of the economy does not depend on the kind of slogans people create. India is an economy that has been suffering with a high cost of capital. The ultimate goal is to digitise the economy. A less-cash economy is supplemented with a digital economy. There is no settled behaviour as to how people will behave when remonetisation sets in. Digitising the economy gives us a great opportunity. Over the next few years, the incremental impact of Digi- monetisation will also be felt in the economy. Lastly, we should make political funding transparent.”
Goyal said “Digital push was an integral part of demonetization exercise. Any move as big as demonetisation is bound to have some small issues. Today telecom companies have confirmed that spectrum is no longer an issue. Once the person gets addicted to digital transaction, then the possibility of fraud will also reduce. Currently we are looking for a change in the working and mindset of the country. As we say that, the country’s youth have a lot of potential for innovation. Lastly, I would like to congratulate the Times Network for such an initiative like Digital Economy Forum.”
Times Network executive editor Navika Kumar moderated Q and A sessions with Jaitley and Goyal.
Times Network MD and CEO M K Anand said, “As a successful media company we have to be aware of the pulse of our audience. In the last 12 years, we have seen a distinct change in the mood of this country. Indians are in a hurry to progress. And they are willing to undergo pain if needed to quickly move forward. We have aptly captured and reflected this mood of the nation in our hallmark tagline NOW or Nothing. This mood of the people is reflected by the most action oriented government that this country has seen in a long while. Demonetisation or remonetisation as we call it is an expression of Now or Nothing. As India’s premium network for influencers, we believe it is within our power and mandate to contribute to this historic endeavor. Amongst a series of initiatives aimed at bringing clarity and accelerating much needed understanding and action in this area, the Digital Economy Forum has been designed to look at Digitisation as a means and an end to Demonetisation and the benefits thereof.”
e-commerce
American Express to acquire AI startup Hyper to boost automation
Deal targets expense management as AI reshapes corporate spending tools.
MUMBAI: From receipts to robots, the expense sheet is getting a brain upgrade as American Express moves to bring artificial intelligence into the heart of corporate spending. The company has announced plans to acquire Hyper, a relatively young but fast-rising startup founded in 2022 that builds AI-powered agents capable of organising expenses, generating reports, verifying compliance with budgets and policies, and nudging users with timely reminders. The deal, expected to close in the second quarter of 2026, underscores a growing shift among financial institutions to automate traditionally manual, time-heavy workflows.
Hyper counts Sam Altman among its backers, adding a layer of Silicon Valley credibility to the acquisition. While financial details remain undisclosed, the strategic intent is clear: deepen automation capabilities and sharpen American Express’s position in the competitive corporate spending ecosystem.
The two companies are not strangers. They previously collaborated in 2024 on a co-branded credit card product, suggesting that the acquisition is less a cold buy and more an extension of an existing relationship. With this move, American Express is effectively bringing that capability in-house, aiming to embed AI directly into its commercial services stack.
Chief executive Stephen Squeri had already signalled the direction of travel in a recent shareholder letter, describing AI as a “structural shift” in how businesses operate. The Hyper acquisition appears to be a direct response to that shift, particularly in expense management, where processes such as approvals, compliance checks and reporting remain ripe for automation.
Alongside the acquisition, the company is also expanding its product suite. A recently launched business credit card offers cashback and benefits at an annual fee of $295, with another card expected later this year moves that complement its broader push into commercial services.
Taken together, the strategy points to a future where managing expenses may require fewer spreadsheets and more algorithms. For American Express, the bet is simple, if businesses are rethinking how work gets done, the tools that power that work need to evolve just as quickly.
