New Delhi [India]: The timelines for conformity of existing 3rd party Application Providers who are exceeding the suggested volume cap, is prolonged by two years till December 31, 2024, the National Payments Corporation of India has stated in a declaration.
The choice was taken after taking into account the present usage and future possibility of UPI, and also various other relevant variables around it. “Because the substantial possibility of digital settlements and the need for multi-fold penetration from its existing state, it is necessary that other existing and also brand-new gamers (Financial institutions and Non-Banks) will scale up their consumer outreach for the growth of UPI and also achieve total market balance,” the declaration, witnessed by Principal Operating Policeman Praveena Rai, said on December 2.
Significantly, the Company on November 5, 2020, said the existing company, that are going beyond the 30 per cent cap will certainly have a duration of two years to follow the very same in a phased fashion. The provider will ensure that the total quantity of purchases launched will not go beyond 30 per cent of the total volume of transactions processed in UPI during the preceding 3 months
Today, the UPI market is dominated by players like Google Pay and PhonePe. To stay clear of such focus in the UPI market, the NPCI in 2020 created a regulation to cover the share of purchases.
