PhonePe, Google Pay and other UPI apps get new SOP from NCPI to maintain a 30% market share cap
India Today
In a new SOP, NPCI has directed that any UPI service provider found to be in breach of the 30% market share cap will have to restrict the onboarding of new users and find ways to dial the number back.
The use of Unified Payments Interface or the UPI network in India has been on a rapid rise since the past year. A new circular by the National Payments Corporation of India (NPCI) mentions that this use equated to 2 billion monthly transactions in November 2020. The circular has been released for establishing a way to cap the market share of third-party UPI apps. Through the circular, NPCI has established a three-tier mechanism to keep a check on any monopoly in the UPI network. Back in November last year, the apex body had capped this market share at 30 per cent, a regulation that has been in effect since January 2021. A Standard Operating Procedure or SOP now explains the actions taken if a third party UPI player crosses this threshold. If and when any particular UPI service provider has more than 30 per cent of the market share of UPI transactions in the country, they will have to scale back their onboarding, promotional activities, as well as cashback offers.
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