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NPCI pings government, industry on the UPI market share cap

by Muhammad Asad
September 22, 2022
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After January 2023, new rules will limit the share of the market of any one UPI application to 30%. The National Payments Corporation of India is currently in discussions with government & other stakeholders about the ramifications of delaying the new regulations after industry leader PhonePe formally requested a delay of at least three years.

 

UPI market share cap: NPCI seeks input from government, stakeholders amid extension demands

 

According to sources familiar with the situation, the National Payments Corporation of India (NPCI), which manages the Unified Payments Interface (UPI), is discussing the potential consequences of postponing the execution of a market-share cap for UPI applications with the industry and government stakeholders.

 

The NPCI has capped the market share of any money transfer entity at 30% in regards to the UPI. The rule will become effective in 2023.

 

Approximately 80% of the monthly volume in digital payments is processed through PhonePe & Google Pay. As per NPCI data, PhonePe had a 48% market share in UPI transactions in August with 3.14 billion transactions, while Google Pay reported 2.2 billion transactions, or a 34% market share.

 

Recent discussions are a response to a formal request by PhonePe to postpone the deadline from January 2023 by at least three years, they said. Someone familiar with the matter told us that Google Pay had discussed an extension with NPCI.

 

Although Google Pay is dedicated to abiding by all applicable rules, a representative stated, “While it is our judgment that at this point, interventions in UPI should promote growth and innovation rather than inhibit it, which we think the market cap might do.”

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Despite launching consecutive cashback campaigns in April and June, which led to a minor jump in numbers, WhatsApp Pay, a comparatively new entry, grabbed less than 1% of the entire UPI market in August with just 6.72 million transactions.

 

Super app developed by the Tata company As of now, Tata Neu’s decision to join UPI early this year has not paid off in any significant way.

 

As of the end of August, 6.5 billion UPI transactions had been completed.

 

Instant, Zomato glare Sources familiar with the situation tell us that in addition to NPCI, at least 2 more consumers internet platforms are considering entering UPI as third-party payment apps: Swiggy and Zomato.

Muhammad Asad

Muhammad Asad

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