National Payments Corporation of India(NPCI), which runs the UPI digital pipeline, is in talks with the Reserve Bank on implementation of its proposed deadline for limiting the volume cap of players to 30 percent.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
NPCI runs the UPI digital pipeline. Currently, there’s no cap on volume and Google Pay and PhonePe hold the market share of about 80 per cent.
Back in November 2022, the NPCI had proposed a 30 per cent volume cap for third-party app providers (TPAP). The proposal was made to avoid concentration risk. However, the existing TPAPs such as PhonePe and Google Pay were given two years more to comply with the orders.
Currently, the NPCI is evaluating all the possibilities and no final decision has been taken to extend the December 31 deadline, adding that the corporation has also received proposals from the stakeholders to extend the deadline.
Earlier this year, the Reserve Bank of India (RBI) came out with a consultation paper on charges in payment systems, which made a case for a tiered charge to be imposed on UPI transactions in line with Immediate Payment Service (IMPS) transactions. The Central government also said that UPI is convenient and that there were no plans to put any charges on it.
Former Prime Minister Dr. Manmohan Singh, a towering figure in Indian politics and economics, passed…
Disneyland is a magical place that brings the world of Disney to life. The first…
The Hindon River is an important river in northern India, flowing through Uttar Pradesh and…
The Waterman of India is a title for someone who works to solve water problems…
The 2009 ICC Champions Trophy, also known as the "Mini World Cup," was held in…
Cardamom is a popular spice grown in India, known for its unique aroma and flavor.…