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NPCI introduces market share cap of 30% on UPI players

The National Payments Corporation of India (NPCI) will come out with guidelines for new and existing players to comply with the market share cap guidelines on UPI in the next two to three months, a senior industry expert told MediaNama. The NPCI will consult the industry players on the best method to implement the market share cap policy with the aim of ensuring consumers' choice is not hurt, this person said on the condition of anonymity. "The NPCI will also consider publishing UPI data for each app as part of this policy," this expert added. On Thursday, the NPCI introduced a market share cap of 30% on third-party apps on the Unified Payments Interface (UPI) network. "In view of the recent growth in UPI transaction volumes, NPCI has analyzed the risks in the UPI ecosystem," it said in its circular, adding that the market share cap has been introduced in order to "address the risks and protect the UPI ecosystem." In October 2020, UPI platforms processed 2.07 billion transactions worth over ₹3.86 lakh crore, which is around 80% and 100% higher in volume and value terms, respectively, than the same period last year. Between April and October 2020, over 11.54 billion transactions worth ₹19.35 lakh crore took place on UPI, around 89% and 76% higher in volume and value terms, respectively, compared to the same period last year. What the NPCI circular says According to NPCI's circular, Payment Service Providers and the third-party apps will have to ensure that the…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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