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NPCI To Delay Market Share Caps On UPI, Benefiting Google Pay And PhonePe

Inc42 · 1y

India is considering extending the deadline to impose market share limits on the Unified Payment Interface (UPI), a move that would benefit Google Pay and PhonePe. The National Payments Corporation of India (NPCI) is looking to extend the year-end deadline by up to two years, capping the market share of any UPI payment processing company at 30%. The focus is on fostering growth rather than addressing market concentration concerns. The final decision on the extension will be communicated closer to the deadline. UPI continues to experience rapid adoption, with 1.33 billion transactions worth 19.64 lakh crore rupees in April 2024.