NPCI discusses means to grow UPI ahead december market cap deadline

The National Payments Council of India (NPCI), which has developed India’s instant payment system – United Payments Interface – met ecosystem players on Tuesday to discuss steps that are needed to grow UPI further.

The meeting is significant ahead of the December deadline set by NPCI, before which no single player can have a market share of more than 30 per cent. At present, PhonePe and Google Pay control 80 per cent of the UPI payments market. The share could become more skewed in favour of these players following the restrictions on Paytm Payments Bank, which has around 15 per cent market share.