Google Pay, PhonePe, Paytm, Other UPI Payment Apps May Impose Transaction Limit, Here’s Why

Share with your friends

Limits on transactions might soon be implemented by UPI payment apps like Google Pay, PhonePe, and Paytm. You did read that correctly.

Google Pay, PhonePe, Paytm, and other UPI payment apps may soon restrict how much money you may send and receive. It’s because the Reserve Bank and the National Payments Corporation of India (NPCI), which manages the UPI digital pipeline, are negotiating the execution of a suggested deadline of December 31 for capping the volume of players at 30%.

There is currently no volume cap, and Google Pay and PhonePe account for around 80% of the market. To reduce the risk of concentration, NPCI had recommended a 30% volume cap for third-party app providers (TPAP) in November 2022.

A conference to thoroughly examine all factors has already been held. Senior representatives from the finance ministry and the RBI joined the NPCI officials in this meeting.

The NPCI Is weighing all of the options, so no decision has been made in regards to extending the deadline of December 31. By the end of this month, NPCI will probably make a decision regarding the implementation of UPI market caps.

Market leaders Google Pay and PhonePe, both owned by Walmart, have individually requested an extension of the deadline by at least three more years, while Paytm, the third-ranked payment app, wants market capping to be enforced by the deadline (December 2022).

Market leaders Google Pay and PhonePe, both owned by Walmart, have individually requested an extension of the deadline by at least three more years, while Paytm, the third-ranked payment app, wants market capping to be enforced by the deadline (December 2022).

UPI is practical, and the central government recently stated that there were no intentions to charge for it.


Share with your friends

Leave a Reply

Your email address will not be published.

Latest Press release

Runwal Group Makes A Big Foray Into Commercial Real Estate After Cementing Its Position in Residential and Retail Segments

Share with your friends

Share with your friendsMumbai, 30th March, 2023: Runwal Group, one of India’s top real estate developers, is a well-known name in residential and retail real estate business. With the iconic R City, R Mall and R Galleria in retail and numerous residential projects across MMR, the group has been a dominant name in the industry. After […]


Share with your friends
Read More
Latest Education

JEE Main 2023 Session 2 Admit Card to Be Out Soon: Verify the date and time.

Share with your friends

Share with your friendsThe Joint Entrance Examination (JEE) Main Session 2 admit card 2023 is anticipated to be released by the National Testing Agency (NTA) soon. The first week of April is predicted to see the release of the JEE Main admission card. The NTA has not yet provided an official confirmation. The official website […]


Share with your friends
Read More
Latest

The Wadhwa Group invites homebuyers of ‘Atmosphere 02’ to seek blessings of their new homes on Gudi Padwa

Share with your friends

Share with your friendsMumbai, March 29, 2023: The Wadhwa Group, one of India’s leading real estate development companies and a prominent realty player in Mumbai, has in a first, invited its home buyers on Gudi Padwa day to seek blessings and verify the work in progress of their new homes in the ongoing iconic project ‘Atmosphere […]


Share with your friends
Read More