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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 over Rs 2,000 will be charged at 1.1 percent starting April 1

UPI payments in India are set to go under a major change starting April 1, 2023. The National Payments Corporation of India (NPCI) in a recent circular said that it will be charging all UPI transactions above Rs 2,000 at 1.1 percent starting April 1.

“Interchange at the rate of 1.1 percent of the transaction value/amount (using prepaid payment instruments, or PPI) shall apply to payments made to all online merchants, large merchants and small offline merchants having transaction value/amount greater than Rs 2,000,” NPCI wrote in a recent circular, as reported by The Economic Times.

Who will be charged?

While that is true, not all UPI transactions will be charged at 1.1. The organisation has set some conditions under which this fee on UPI transactions will be charged. According to the circular, a Prepaid Payment Instruments (PPI) fees will be applied to all merchant transactions made via UPI above Rs 2,000. In other words, merchants who accept a payment of Rs 2,000 or above via PPI such as mobile wallets like Amazon Pay, Google Pay or Paytm, or gift cards will have to pay the fee.

On the other hand, the PPI issuer, companies such as Amazon Pay or Paytm, will have to pay 15 bps as an advanced wallet loading service charge to the remitter bank (or the bank that is attached to the wallet) for loading transaction values that are greater than Rs 2,000.

However, this charge will not be application on peer-to-peer (P2P) transactions. This means that you or your friend will not have to pay this charge if you decide to split the bill and pay later. Also, peer-to-merchants (P2M) transactions between a bank account and a PPI wallet will also not be charged under the new regime.

Not all UPI transactions will be charged at 1.1 percent

According to a report by 91Mobiles, not all transactions above Rs 2,000 will be charged at 1.1 percent. Instead, it will be used as the upper limit for charging UPI transactions and the overall charge will vary between 0.5 percent to 1.1 percent. The report says that fuel purchases will be charged at 0.5 percent, while the UPI transactions made for insurance and mutual funds will be charged at 1 percent. Similarly, UPI transactions for telecom bills, post office purchases and education will be charged at 0.7 percent, and purchases made at supermarket will be charged at 0.9 percent.

While these changes will come into effect next month, NPCI will review the charges on or before September 30, 2023.

The post UPI transactions over Rs 2,000 will be charged at 1.1 percent starting April 1 appeared first on Techlusive.



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