Cap may impact adoption of UPI, says Google Pay

The new market share cap for digital payment companies offering unified payments interface (UPI) services may impact the adoption of UPI, a top executive at Google Pay said. On Thursday, the National Payments Corp. of India (NPCI) had capped the share at 30% for all UPI operators, while allowing the entry of WhatsApp Pay.

Google Pay, through a statement, hinted that the market cap intervention should be reconsidered as Indian consumers need to have a choice for making digital payments.

“Digital payments in India is still in its infancy, and any interventions at this point should be made with a view to accelerating consumer choice and innovation. A choice-based and open model is key to drive this momentum.