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Happy Tuesday! Amazon's quick commerce arm, Amazon Now, has reached a significant milestone in India, achieving $1 billion in annualized sales after just a year of operation. India head Samir Kumar revealed that the company now serves over 60 cities, a figure expected to expand to 100 before the festive season. Amazon Now operates 1,000 dark stores, with 750 managed by the company and the remaining 100 through third-party operators. The rapid expansion comes as Amazon aims to cover 300 cities with the service in the future.
Meanwhile, the Indian government has clarified that banks and payment system providers cannot charge users for UPI transactions up to Rs 2,000 or debit card payments made using RuPay cards. This decision follows recent amendments to the Payment and Settlement Systems Act, which gave the government the authority to allow financial institutions to impose charges on UPI and other digital payment modes.
The move comes amid growing concerns over the security and regulation of AI systems, with major tech leaders like Anthropic's Dario Amodei calling for a slowdown in advanced AI development.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
