Home Business Deadline for 30% cap on UPI transactions by payments firms extended

Deadline for 30% cap on UPI transactions by payments firms extended

UPI facilitates peer-to-peer online money transfers through mobile apps. (File)

Mumbai:

India has decided to extend the deadline for capping share of digital payment transactions by almost two years to December 31, 2024, the National Payments Corporation of India (NPCI) said today.

NPCI had said in late 2020 that payment firms would not be allowed to process more than 30% of the total transaction volume on UPI from January 1.

The move comes as a relief to companies such as 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 facilitates peer-to-peer money transfers through mobile apps.

“Considering the present usage and future potential of UPI and other relevant factors, the compliance deadline for existing third party app providers has been extended by two years,” NPCI said in a statement.

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