The National Payments Corporation of India (NPCI) on Friday extended the deadline for third-party UPI players to achieve its 30% volume cap in digital payment transactions to end-December 2024.
The decision may provide a relief to third-party app providers (TPAP) like Google Pay and Walmart’s PhonePe, which have a majority share in UPI-based transactions. NPCI runs the Unified Payments Interface (UPI) used for real-time payments between peers or at merchants’ end while making purchases.
In November 2020, NPCI had announced to limit a single third party app to handle only 30 per cent of overall UPI transaction volumes. The cap was to come in force from January 1, 2021.