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30% UPI Cap Unlikely To Be Implemented Soon: Report

Inc42 · 1y ago

30% UPI Cap Unlikely To Be Implemented Soon: Report

The proposed 30% market share cap on UPI apps is unlikely to be implemented by the December 2022 deadline, as the government has not yet officially communicated its decision to the National Payments Corporation of India (NPCI). The NPCI had initially suggested this cap in November 2020 but later extended the deadline to December 2024.

Related News

UPI market share cap delay likely to keep online payments pie unchanged

Economic Times

Economic Times · 1y ago

UPI market share cap delay likely to keep online payments pie unchanged

A proposed market share cap of 30% in the Unified Payments Interface (UPI) segment is unlikely to be implemented, according to industry executives. Newcomers in the UPI space have been informally informed that the limit is unlikely to be enforced, leading them to reassess their growth and investment plans. The leading players in UPI, PhonePe and Google Pay, hold significant market sway, leaving few options for implementing the cap. NPCI and the government have yet to indicate their official stance on the matter. The growth of UPI and the concentration of users among a few platforms are key concerns for regulators.

ET World Leaders Forum | UPI market share cap not a problem, there is scope for everyone: Google Pay VP

Economic Times

Economic Times · 12m ago

ET World Leaders Forum | UPI market share cap not a problem, there is scope for everyone: Google Pay VP

Ambarish Kenghe, VP of Google Pay, believes that the UPI market has room for multiple players and does not see a challenge with the proposed market share cap. The central government and NPCI had suggested a 30% market share cap to prevent dominance, but enforcing it seems unlikely. PhonePe is currently the largest UPI payment app with 48% market share, followed by Google Pay with 37%. Kenghe also mentioned that Google Pay utilized AI to detect and prevent financial fraud, saving around Rs 12,000 crore last year.

UPI Transactions See Marginal Rise To 15.04 Bn In September

Inc42 · 11m ago

UPI Transactions See Marginal Rise To 15.04 Bn In September

- UPI transactions in September: INR 20.64 Lakh Cr, a 0.14% increase from the previous month - YoY growth in UPI transactions volume: 31% - NPCI considering increasing market share cap for UPI apps from proposed 30% - Total UPI transaction volume remains strong despite a small month-on-month increase - UPI continues to be a popular and widely used payment method in India

PhonePe posts 74% jump in FY24 revenue to Rs 5,064 crore

Economic Times

Economic Times · 1y ago

PhonePe posts 74% jump in FY24 revenue to Rs 5,064 crore

PhonePe, a leading digital payments company, has reported a revenue of Rs 5,064 crore for the fiscal year ending in March 2024, marking a 74% increase from the previous year. The company also achieved profitability, excluding employee stock ownership plan costs, with an adjusted net profit of Rs 197 crore. PhonePe processed 24 billion transactions in the June quarter, with a total transaction value of Rs 31.8 lakh crore. The company holds around 48% market share in terms of transaction volume and is exploring expansion into new geographies. The proposed 30% market share cap in the UPI segment is unlikely to be enforced.

NPCI May Review 30% UPI Market Share Cap Decision

Inc42 · 1y ago

NPCI May Review 30% UPI Market Share Cap Decision

The National Payments Corporation of India (NPCI) is expected to review its decision to implement a 30% market share cap on payment players offering Unified Payments Interface (UPI) services by the end of this year. The cap was originally proposed in 2022 to encourage the entry of new players into the UPI ecosystem. This review comes as NPCI aims to boost the digital payments landscape and explore ways to localize the use of UPI. UPI transactions experienced a decline in February 2024 in terms of both value and volume.

WhatsApp permitted to expand WhatsApp Pay to all users in India | TechCrunch

TechCrunch · 8m ago

WhatsApp permitted to expand WhatsApp Pay to all users in India | TechCrunch

India has lifted restrictions on WhatsApp’s payments service, allowing it to extend WhatsApp Pay to all users in the country, surpassing the previous 100 million user cap. This decision is a significant win for Meta, as it aims to compete with dominant fintech players. The NPCI, overseeing UPI transactions, continues to delay implementing a 30% cap on any app's transaction share until December 2026. WhatsApp aims to enhance digital payments and UPI adoption.

Nervous about going public with 30% market-share cap looming: PhonePe’s Sameer Nigam | Mint

Livemint

Livemint · 1y ago

Nervous about going public with 30% market-share cap looming: PhonePe’s Sameer Nigam | Mint

PhonePe's potential public listing is being hindered by a proposed 30% cap on market share for third-party app providers (TPAPs) processing payments via India's Unified Payments Interface (UPI), according to founder and CEO Sameer Nigam. The National Payments Corporation of India proposed the cap in November 2020, with a deadline of December 2024. Nigam expressed concerns about going public if the cap is in place, stating that he wants to be able to assure investors of the company's future growth. PhonePe recently turned operationally profitable and reported strong revenue growth. Nigam mentioned ongoing discussions with regulators to address concerns.

NPCI pushing new UPI players to offer incentives to expand market share

Economic Times

Economic Times · 1y ago

NPCI pushing new UPI players to offer incentives to expand market share

The National Payments Corporation of India (NPCI) is urging new third-party payment apps on Unified Payments Interface (UPI) to invest and offer incentives to users. This move is aimed at reducing the concentration of transactions on platforms like PhonePe and Google Pay, which currently hold around 85% market share. The NPCI is in constant communication with the leaders of these new UPI players, discussing the offers they are running. However, small incentives may not be enough to significantly shift market share. The deadline for implementing a 30% cap on UPI transactions is the end of this year, and new UPI apps are seeking clarity on its extension.

UPI transactions near 17 Bn in January

Entrackr

Entrackr · 6m ago

UPI transactions near 17 Bn in January

UPI transactions near 17 Bn in January The Unified Payments Interface (UPI) recorded 16.99 billion transactions worth Rs 23.48 lakh crore in January, reflecting a 39% year-on-year growth in transaction volume and a 28% increase in transaction value. On a monthly basis, UPI saw a 1.55% growth in volume and nearly a 1% rise in value, compared to 16.73 billion transactions worth Rs 23.25 lakh crore in December. According to data released by the National Payments Corporation of India (NPCI), the average daily transaction count stood at 548 million. PhonePe currently leads the UPI market with a 47.7% share of transaction volume, followed by Google Pay at 36.7% and Paytm at 6.87%. This market share distribution is unlikely to change soon, as NPCI has extended the compliance timeline for Third-Party App Providers (TPAPs) exceeding the UPI volume cap. The new deadline has been extended by two years, until December 31, 2026. Meanwhile, NPCI has lifted the user onboarding limit for WhatsApp Pay, allowing the platform to offer UPI services to its entire user base across India. Recently, NPCI Chief Dilip Asbe disclosed that approximately 450 million users are currently utilizing UPI, with around 200 million daily active users. He emphasized the need for substantial support from the Reserve Bank of India (RBI), the government, and the broader financial ecosystem to explore strategies for onboarding an additional 200-300 million users onto the UPI platform.

NPCI Likely To Extend UPI Market Cap Deadline By Two Years

Inc42 · 1y ago

NPCI Likely To Extend UPI Market Cap Deadline By Two Years

The National Payments Corporation of India (NPCI) is reportedly planning to extend the deadline for implementing a 30% cap on the UPI market share of digital payment platforms. This would be the second time the deadline has been extended, with a final decision expected closer to the deadline. The extension is likely due to concerns that platforms like PhonePe and Google Pay cannot reduce their market shares without impacting UPI payments growth. The move will benefit these two dominant players in the market, who accounted for 86.37% of transactions in April 2024.

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