UPI facilitates peer-to-peer online money transfers through mobile apps.(File)
Bombay:
India has decided to extend the deadline for capping the share of digital payment transactions by about two years to December 31, 2024, the National Payments Corporation of India (NPCI) said today.
The NPCI had said at the end of 2020 that payment companies should not process more than 30% of the total transaction volume on UPI from January 1.
The move comes as a breather for companies like Walmart Inc’s PhonePe and Alphabet Inc’s Google, which are among the leading digital money transfer apps in the country.
They are powered by the state-backed United Payments Interface (UPI) framework, which enables peer-to-peer money transfers online via mobile apps.
“Taking into account the current usage and future potential of UPI, and other relevant factors, the compliance timelines for existing third-party app providers that exceed the volume limit are being extended by two years,” NPCI said in a statement.
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