UPI (Photo: Shutterstock)3 min read Last Updated : Sep 19 2024 | 4:16 PM IST
The National Payments Corporation of India (NPCI), which oversees the Unified Payments Interface (UPI) system, is contemplating relaxing its proposed market share cap for UPI operators, such as Google Pay, PhonePe, and Paytm, as it faces difficulties enforcing its current limitations. According to a report by TechCrunch, the NPCI is considering increasing the allowable market share beyond the previously proposed 30 per cent cap to over 40 per cent.
This proposed cap was initially introduced to boost competition in India’s fast-growing digital payments sector. The UPI, now handling more than 12 billion transactions monthly, has emerged as the country’s leading digital payment platform. Walmart-backed PhonePe leads the market, commanding nearly 48 per cent of transactions by volume and 50 per cent by value. Google Pay holds second place with 37.3 per cent of the volume. Once a major…
