Phonepe And Google Pay To Get More Time To Adhere To 30 Upi Market Cap Report

Back in November 2020, the National Payments Corporation of India (NPCI) imposed a 30% cap on transaction volumes for UPI apps. The system, which came into effect in January 2021, offered a two years transition period so that relevant stakeholders in the UPI ecosystem get the time to ease into the regulation. While we are still six months away from the proposed January 2023 timeframe, a new report highlights that the government is planning to extend the deadline.

According to an exclusive report from The Economic Times, NPCI is mulling extending the deadline in order to avoid a decline in UPI adoption. “There is no choice but to consider this actively. They (NPCI) are wary of disrupting users and in effect slowing down UPI growth,” sources told ET.