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Over the past one year, UPI has seen exponential growth and taking home the biggest shares in the market are players like PhonePe, Paytm and Google Pay. But the growing numbers also come at a time when the National Payments Corporation of India (NPCI) is looking to cap each company’s market share in UPI. According to the NPCI’s official statement, UPI transactions on third party payment apps cannot exceed 30% of the overall volume of transactions processed in UPI during the preceding three months.
While the cap will be effective from January 1, 2021, existing third party operators like Google Pay and PhonePe, who have 40% market share, have been given until 2022 to comply with the new rules.
RBI s proposal for new umbrella entities for retail payments puts pressure on NPCI
In August last year, the central bank had unveiled the framework for setting up umbrella entities for operating pan-India retail payments systems and invited applications from eligible companies.
BusinessToday.In | March 9, 2021 | Updated 21:40 IST
Asbe said the move has put a lot of pressure on NPCI s management team and 1,000 employees.
The Reserve Bank of India s move to allow new umbrella entities (NUEs) for operating pan-India retail payments systems has put pressure on the National Payments Corporation of India (NPCI) to continue its innovation, its MD and CEO Dilip Asbe said.
March 2, 2021
February was a month of mixed results for the National Payments Corporation of India’s (NPCI) flagship payments platform. While several payments platforms operated by the NPCI saw a marginal growth in transactions, others saw a marginal dip in transactions in February compared to January this year. Nonetheless, transactions on these platforms have grown significantly over the last year signifying the extent to which the COVID-19 pandemic pushed people to use digital payments platforms.
Transactions on the Unified Payments Interface (UPI) platform have nearly doubled in value over the last year, while transactions on the Bharat Bill Payment System have
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Synopsis
In August 2016, the National Payments Corporation of India’s UPI went live. In just over three years, it was clocking over 2 billion transactions a month. NPCI’s Bharat Bill Payment System is on a similar trajectory, with close to 19,000 registered billers and counting. This could be the beginning of the next big disruption in India’s payments ecosystem.
India’s digital-payments industry is seeing a lot of action. If the United Payments Interface (UPI) clocking over 2.3 billion transactions in a month isn’t enough, the Reserve Bank of India’s equally successful and more complex initiative, the Bharat Bill Payment System (BBPS), signals the silent revolution under way in India’s digital-payments ecosystem. BBPS, like UPI and RuPay, was also developed under the aegis of the National Payments