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News on Medial
Market Share Expansion: NPCI Nudging New UPI Players To Incentivise Consumers
Inc42
·
1y ago
Medial
The National Payments Corporation of India (NPCI) is encouraging new third-party payment apps on Unified Payments Interface (UPI) to invest in and incentivize users. The aim is to reduce the dominance of PhonePe and Google Pay platforms and encourage users to transact on these new platforms. Cred, Slice, Fampay, Zomato, Groww, and Flipkart are among the new entrants aiming to acquire users. However, offering small incentives may not significantly impact market share. The new UPI apps are seeking clarity on the December deadline for market share limits before investing significant capital.
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Related News
NPCI May Review 30% UPI Market Share Cap Decision
Inc42
·
1y ago
Medial
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.
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NPCI pushing new UPI players to offer incentives to expand market share
Economic Times
·
1y ago
Medial
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.
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India stumped on how to cut PhonePe and Google dominance in payments | TechCrunch
TechCrunch
·
1y ago
Medial
India's National Payments Corporation (NPCI) is struggling to enforce rules to limit the market share of PhonePe and Google Pay in the country's UPI payments network. The NPCI wants to restrict individual companies' market share to 30% in the popular Unified Payments Interface (UPI) system, but is facing challenges in achieving this goal. The NPCI has reached out to industry players for ideas, but faces a technical barrier. The dilemma has come to the fore after a parliamentary panel called for support for domestic fintech firms to counter the dominance of PhonePe and Google Pay.
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PhonePe and G-Pay dominate UPI volume in July; Navi sees 2X spike
Entrackr
·
11m ago
Medial
Unified payments interface (UPI) saw a 3.95% month-on-month growth in volume to 14.44 billion in July from 13.89 billion in June. While PhonePe and Google Pay maintained their market share in the last month, Paytm registered a minor decline. As per data published by National Payments Corporation of India (NPCI), PhonePe clocked 6.98 billion transactions in July followed by Google Pay and Paytm with 5.34 billion and 1.12 billion transactions, respectively. This translates into 48.3% market share for PhonePe, 37% for Google and 7.82% for Paytm. In June, PhonePe had 48.3% market share in UPI as of June followed by Google Pay and Paytm with 36.7% and nearly 8% market share. Value wise, PhonePe’s market share declined from 50.27% in June to 49.85% in July and Paytm’s market share also fell by a small margin to 5.98%. Google Pay’s value market share improved from 35% to 35.6%. The decline in market share for top players can be attributed to the entry of new players such as CRED, NAVI, Groww, Slice and Flipkart UPI which have been eating up a decent chunk of the volumes of leading apps. As per NPCI data, CRED was the fourth largest player in UPI, accompanied by Axis Bank Apps, Amazon Pay, Navi, ICICI Bank Apps, Fampay by Trio, and Kotak Mahindra Bank Apps. After much hype, WhatsApp Pay managed to get 11th position ahead of other notable apps such as BHIM, Groww, Slice, MobiKwik and Flipkart UPI. Among the new players, Sachin Bansal-led Navi nearly doubled its transactions from 35 million in June to 68 million in July. UPI is set to reach new heights in the coming months as it crossed the milestone of processing 500 million transactions daily for three times in August. Overall, this [August 5] was the fourth instance when UPI has crossed the milestone since its inception in April 2016. Notably, NPCI has set a target of clocking 1 billion transactions per day by 2026-27.
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Paytm crisis brings 30% market share cap plan back in focus
Economic Times
·
1y ago
Medial
The recent action taken by the banking regulator against Paytm Payments Bank has brought the proposal for a market share cap for UPI apps back into focus. Currently, PhonePe and Google Pay dominate the UPI market, but the troubles faced by Paytm could benefit these two players even more. The National Payments Corporation of India (NPCI) is expected to seek RBI's approval before allowing any migration of merchants or banking partners from Paytm to other UPI apps. This situation may further consolidate the market share of the top two players.
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UPI Transactions See Marginal Dip To 1,330 Cr In April
Inc42
·
1y ago
Medial
In April, the transaction volume for Unified Payments Interface (UPI) in India reached INR 19.64 Lakh Cr, slightly lower than the previous month's INR 19.78 Lakh Cr. However, it increased by 40% compared to April of the previous year. UPI transactions decreased by 1% MoM to 13.30 Bn in April. On a YoY basis, the transaction count surged 50%. The Indian payment infrastructure has expanded globally, entering markets such as Nepal, France, and New Zealand. Efforts are being made by the National Payments Corporation of India (NPCI) to boost UPI adoption through new features and services. The NPCI is also considering lower interchange fees for UPI transactions and revising its decision on the market share cap for payment players.
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ET World Leaders Forum | UPI market share cap not a problem, there is scope for everyone: Google Pay VP
Economic Times
·
11m ago
Medial
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.
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Sachin Bansal’s Navi Technologies set to launch UPI payments
Economic Times
·
1y ago
Medial
The National Payments Corporation of India (NPCI) has been inducting newer players on to the UPI platform in hope to balance market share of players within the proposed 30% limit. Despite the recent turbulence in Navi with layoffs etc, this might actually set it apart as a striving business unit. Navi is already profitable.
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NPCI extends proposed 30% UPI market share cap deadline by another two years
Economic Times
·
7m ago
Medial
The National Payments Corporation of India (NPCI) has extended the deadline for implementing a 30% market share cap on each Unified Payments Interface (UPI) player by two years, now set for December 31, 2026. This extension aims to ensure continued growth in UPI adoption without disrupting current market dynamics. The decision provides leading players like PhonePe and Google Pay—who hold around 90% market share—additional time for compliance. WhatsApp Pay has also been allowed to expand its user base.
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NPCI Mulling Raising UPI Market Share Limit To Over 40%
Inc42
·
10m ago
Medial
The National Payments Corporation of India (NPCI) is contemplating the possibility of permitting third-party apps operating on the Unified Payments Interface (UPI) to hold a market share exceeding 40%. The NPCI had originally proposed a 30% cap to curb the dominance of major players. A parliamentary panel has also raised concerns about the overwhelming presence of international fintech apps in the Indian digital payments landscape.
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