India To Delay UPI Payments Market Cap, Will Help PhonePe, Google Pay: Report
NDTV
The National Payments Corporation of India will extend by as much as two years a year-end deadline to cap at 30% the market share of any company processing payments via the Unified Payment Interface.
India will again delay caps on market share for a popular digital payments method, two sources told Reuters, benefiting Google Pay and Walmart-backed PhonePe as the authorities prioritise growth over concerns about market concentration.
The National Payments Corporation of India (NPCI), the quasi-regulator, will extend by as much as two years a year-end deadline to cap at 30% the market share of any company processing payments via the Unified Payment Interface (UPI), the sources with direct knowledge of the matter told Reuters.
PhonePe's share of UPI payments has risen to 48.3% from 37% in April 2020, while Google Pay's share has declined to 37.4% from 44%, according to NPCI data. The two processed a combined 11.5 billion transactions in April, the data showed.
