New Delhi: The National Payments Corporation of India (NPCI) extended the deadline for limiting the volume cap of players to 30%. The deadline is extended by 2 years to December 2024.
At present, there is no volume cap for UPI players. At present, Google Pay and PhonePe account for a market share of about 80%. In November, the NPCI proposed a 30 per cent volume cap for third-party app providers (TPAP). The cap was to come in force from January 1, 2021. The decision was taken to avoid concentration risk.
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‘Taking into account the present usage and future potential of UPI, and other relevant factors, the timelines for compliance of existing TPAPs who are exceeding the volume cap, is extended by two (2) years i.e. till December 31, 2024, to comply with the volume cap,’ NPCI said in a circular.
NPCI runs the Unified Payments Interface (UPI) used for real-time payments between peers or at merchants’ end while making purchases.
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