Centre to not intervene in deciding deadline for payment platforms’ 30% cap

On conflicting demands by India’s top online payment platforms over the implementation of a cap on 30 per cent of market share, the central government has said that IT will not “actively intervene”, according to a report in the Economic Times (ET).

Paytm, according to the report, believes that the market cap should be implemented according to the timeline. According to the timeline, the rule will kick in by December 2022.

On the other hand, PhonePe and Google Pay approached the National Payments Corporation of India (NPCI) asking for an extension to the deadline for at least three years. According to September data, PhonePe and Google Pay have a market share of 46.7 per cent and 33.3 per cent, respectively.