🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Reliance launches AI unit with Google and Meta as partners

EntrackrEntrackr · 3m ago
Reliance launches AI unit with Google and Meta as partners
Medial

Reliance Industries Limited (RIL) has announced the launch of a new artificial intelligence focused subsidiary Reliance Intelligence with Google and Meta onboard as strategic partners. The new unit will focus on four key areas which include setting up gigawatt scale AI ready data centres in Jamnagar, forging partnerships with global technology companies and open source communities, deploying AI solutions across sectors such as education, healthcare, agriculture and small businesses, and attracting global AI talent to India. Google CEO Sundar Pichai said the company will work with Reliance to bring AI across its businesses covering energy, retail, telecom and financial services. Both companies will also establish a dedicated Jamnagar Cloud region for Reliance. Reliance will also create a joint venture with Meta to build sovereign enterprise ready AI platforms for Indian companies and government entities. The partnership will combine Meta’s open source Llama models with Reliance’s scale in energy, telecom, retail and manufacturing. Meta CEO Mark Zuckerberg said the venture aims to ensure access to AI for everyone in India and eventually to superintelligence. The launch reflects Reliance’s ambition to expand beyond its oil to chemicals operations into technology and new age sectors. Over the past few years, the conglomerate has scaled Jio into India’s largest telecom operator, built Reliance Retail into a global retail powerhouse, and committed billions to clean energy giga factories. Mukesh Ambani said Jio delivered digital everywhere for every Indian and Reliance Intelligence will deliver AI everywhere for every Indian.

UPI sets new record in May with 14 billion transactions worth over Rs 20 trillion

EntrackrEntrackr · 1y ago
UPI sets new record in May with 14 billion transactions worth over Rs 20 trillion
Medial

Unified Payments Interface (UPI) has set another record as it processed more than 14 billion transactions worth Rs 20.45 lakh crore or Rs 20.45 trillion in May, according to data issued by the National Payments Corporation of India (NPCI). UPI saw a 5% jump in volume and a 4% surge in value of transactions in May compared to April. This is a new high in terms of volume and value for UPI which began its operations in April 2016. Last month, the volume of transactions declined by 1% to 13.3 billion from 13.44 billion in March. The total transaction value in the same period also fell 0.7% to Rs 19.64 trillion from Rs 19.78 trillion. The transaction count is expected to rise in the coming months as NPCI is expanding UPI services to more countries. Besides India, it is also available in countries such as Singapore, Malaysia, UAE, France, Nepal, UK, Mauritius, and Sri Lanka. Going forward, the Reserve Bank of India along with NPCI have plans to take UPI to 20 countries by FY29. In its annual report, RBI also said that nearly four out of five digital payments in the country were conducted on the UPI in FY24. As of April, PhonePe had 48.87% market share in the UPI ecosystem. This was followed by Google Pay and Paytm which controlled 37.5% and 8.3% market share in UPI respectively. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively. The break up data for May is yet to be released by NPCI. NPCI is reportedly considering reviewing its decision to implement a 30% cap on the market share of UPI apps by the end of 2024. Meanwhile, industry stalwarts Adani Group and Mukesh Ambani-backed Reliance Group are also gearing up to enter the UPI and digital bank ecosystem. As per media reports, Adani Group is considering seeking for a license to operate on the UPI while Jio Financial announced a new app called JioFinance.

Download the medial app to read full posts, comements and news.