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AMD to invest $400 million in India by 2028: Here’s what we know

US chipmaker Advanced Micro Devices said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. AMD’s announcement was made by its Chief Technology Officer Mark Papermaster at an annual semiconductor conference that started Friday in Prime Minister Narendra Modi’s home state of Gujarat. Other speakers at the flagship event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. Despite being a late entrant, the Modi government has been courting investments into India’s nascent chip sector to establish its credentials as a chipmaking hub. AMD said it will open its new design centre campus in Bengaluru by end of this year and create 3,000 new engineering roles within five years. “Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide,” Papermaster said. The new 500,000-square-foot (55,5...
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UPI transactions witness a 650 percent rise at semi-urban, rural stores: Report

The unified payments interface (UPI) transactions witnessed a massive 650 percent rise at the semi-urban and rural stores in India this year, a report showed on Tuesday. There was a growth of 25 percent and 14 percent in value and volume, respectively, in assisted financial transactions across semi-urban and rural retail counters in the country in 2022, according to the report by branchless banking and digital network PayNearby.

UPI transactions witness a massive rise in India

While there was a 25 percent increase in the demand for micro-ATMs and mPOS instruments, the EMI collections for financial institutions and NBFCs saw a steep growth of over 200 percent.

However, there has been a slight dip in the average cash withdrawal per transaction, from Rs 2,620 in 2021 to Rs 2,595 in 2022.

“Bharat is aspirational, and the increased off-take of green shoot services like assisted commerce, OTT subscription, micro-lending validates our commitment to make these services easily available at a store nearby,” said Anand Kumar Bajaj, Founder, MD and CEO, PayNearby.

This indicates a behavioural shift in the consumers in these regions, with more citizens adopting assisted digital means for their banking and lifestyle requirements and getting incorporated into the formal economy, the report mentioned.

The report also indicated a sharp growth of over 200 percent in the cash collection business (including EMIs) with a monthly average of Rs 1,400 crore, indicating demand for lending and other financing solutions, bouncing back to the pre-pandemic levels.

“We have serviced close to Rs 70,000 crore of digital services in the first 10 months of this calendar year and the steady growth of cash withdrawal business, together with the fast track adoption of some of these green shoot services indicate a steady recovery of our economy post the devastating impact of the pandemic,” said Bajaj.

–IANS

The post UPI transactions witness a 650 percent rise at semi-urban, rural stores: Report appeared first on BGR India.



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