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Why has the deadline to comply with UPI market share cap been extended by the NPCI?

NPCI extends the timeline to comply with UPI market share cap after taking into account the present usage and future potential of UPI

The deadline to comply with a 30 percent volume cap on market share has been extended by the National Payments Corporation of India (NPCI), according to the latest circular released by the corporation. The circular added that the deadline is now set for December 31, 2024, as opposed to December 31, 2022. “Taking into account the present usage and future potential of UPI [Unified Payments Interface], and other relevant factors, the timelines for compliance of existing TPAPs [Third Party App Providers or service providers] who are exceeding the volume cap, is extended by…” read the circular while explaining the reason behind the extension. Why it matters: The circular is significant as it is bound to bring relief to major UPI companies like PhonePe and Google Pay which have a market share of 46 percent and 34 percent respectively. There were concerns that it would be difficult for these companies to get their market share down without causing a disruption to consumers. It would be prudent for NPCI to come up with a better solution to address the issue of market cap because it is unlikely that companies are going to be able to comply even by the end of 2024. What else did the circular say: The NPCI said that it was imperative for other existing and new players such as banks and non-banks to scale up their consumer outreach for the growth of UPI and achieve overall market equilibrium. It remains to be seen how companies rush to comply…

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