November 23, 2022
1 min read

UPI payment apps may impose transaction limit

There is currently no volume cap, and Google Pay and PhonePe account for roughly 80 per cent of the market…reports Asian Lite News

UPI payment apps like Google Pay, PhonePe, Paytm, and others may soon impose a limit on the transaction.

Soon users may not be able to make unlimited payments via UPI payment apps.

The National Payments Corporation of India (NPCI), which operates the UPI digital pipeline, is in discussions with the Reserve Bank about implementing its proposed December 31 deadline for limiting player volume to 30 per cent.

There is currently no volume cap, and Google Pay and PhonePe account for roughly 80 per cent of the market.

In order to avoid concentration risk in November 2022, NPCI proposed a 30 per cent volume cap for third-party app providers (TPAP).

A meeting has already taken place to comprehensively look at all aspects. Besides NPCI officials, senior officials of the finance ministry and RBI also participated in this meeting.

Currently, no final decision has been made to extend the December 31 deadline because the NPCI is evaluating all options.

However, the NPCI is expected to make a decision on UPI market cap implementation by the end of this month.

In 2020, NPCI issued a directive capping the share of transactions that a third-party application provider could process at 30 per cent of the volume of transactions handled on UPI, effective January 1, 2021, to be calculated based on the volume of transactions processed in the previous three months.

ALSO READ-Indian millennials now prefer UPI while shopping online

Previous Story

India-UK FTA talks to restart next month: Goyal

Next Story

LG develops ‘Invisible’ speakers for cars

Latest from India News

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Ghana Welcomes PM Modi

Hundreds of people, including locals, started chanting “Modi-Modi”, “Bharat Mata Ki Jai” and “Vande Mataram” as soon as PM Modi arrived at the hotel….reports Asian Lite News Prime Minister Narendra Modi received

Gill: Bumrah Ready, Decision Soon

After a back stress fracture in the final 2024–25 Border-Gavaskar Test, where he dominated Australia, Bumrah was confirmed by Gambhir and Gill to play only three of five Tests due to workload

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding
Go toTop

Don't Miss

UPI arrival spurs tourism, economic growth in Lanka, Mauritius

Prabhu Ram, Head, Industry Intelligence Group at CMR, told that

UPI Leads the Way for Festive Shopping

The UPI-based payments crossed 10 billion monthly transactions in August