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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.

Related News

30% UPI Cap Unlikely To Be Implemented Soon: Report

Inc42 · 11m 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.

NPCI extends proposed 30% UPI market share cap deadline by another two years

Economic Times

Economic Times · 7m ago

NPCI extends proposed 30% UPI market share cap deadline by another two years

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.

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.

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

Economic Times

Economic Times · 11m 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.

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

TechCrunch · 7m 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.

UPI Transactions See Marginal Rise To 15.04 Bn In September

Inc42 · 10m 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

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.

UPI sets new record in May with 14 billion transactions worth over Rs 20 trillion

Entrackr

Entrackr · 1y ago

UPI sets new record in May with 14 billion transactions worth over Rs 20 trillion

Unified Payments Interface (UPI) has set another record as it processed more than 14 billion transactions worth Rs 20.45 lakh crore or Rs 20.45 trillion in May, according to data issued by the National Payments Corporation of India (NPCI). UPI saw a 5% jump in volume and a 4% surge in value of transactions in May compared to April. This is a new high in terms of volume and value for UPI which began its operations in April 2016. Last month, the volume of transactions declined by 1% to 13.3 billion from 13.44 billion in March. The total transaction value in the same period also fell 0.7% to Rs 19.64 trillion from Rs 19.78 trillion. The transaction count is expected to rise in the coming months as NPCI is expanding UPI services to more countries. Besides India, it is also available in countries such as Singapore, Malaysia, UAE, France, Nepal, UK, Mauritius, and Sri Lanka. Going forward, the Reserve Bank of India along with NPCI have plans to take UPI to 20 countries by FY29. In its annual report, RBI also said that nearly four out of five digital payments in the country were conducted on the UPI in FY24. As of April, PhonePe had 48.87% market share in the UPI ecosystem. This was followed by Google Pay and Paytm which controlled 37.5% and 8.3% market share in UPI respectively. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively. The break up data for May is yet to be released by NPCI. NPCI is reportedly considering reviewing its decision to implement a 30% cap on the market share of UPI apps by the end of 2024. Meanwhile, industry stalwarts Adani Group and Mukesh Ambani-backed Reliance Group are also gearing up to enter the UPI and digital bank ecosystem. As per media reports, Adani Group is considering seeking for a license to operate on the UPI while Jio Financial announced a new app called JioFinance.

Paytm’s UPI Transactions Drop Further In March; PhonePe, GPay Log Gains

Inc42 · 1y ago

Paytm’s UPI Transactions Drop Further In March; PhonePe, GPay Log Gains

Paytm, one of India's leading digital payment companies, experienced a marginal decline in its UPI transactions in March, processing around 1.2 billion transactions. Meanwhile, competitors PhonePe and Google Pay saw an increase in transaction volume. PhonePe recorded 6.5 billion transactions, while Google Pay processed 5 billion transactions. Cred, ranking as the fourth largest UPI app, reported 132 million transactions in March. Paytm has been losing market share in UPI and recently transferred its UPI payments to several major banks. NPCI is monitoring market share dynamics and plans to implement a cap on single payment app market share at 30% by year-end.

NPCI Mulling Raising UPI Market Share Limit To Over 40%

Inc42 · 10m ago

NPCI Mulling Raising UPI Market Share Limit To Over 40%

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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