NPCI has ‘good news’ for Google, Walmart, and ‘bad news’ for Paytm, Amazon, WhatsApp and others

National Payment Corporation of India (NPCI), specialised division of the Reserve Bank of India, has extended the deadline to comply with the 30 per cent market share cap for Unified Payment Interface (UPI) by two years to December 31, 2024.

The move comes as a sigh of relief for Walmart and Google, the companies operating two of the biggest UPI apps, PhonePe and Google Pay, in the country in terms of market share by transactions.

The guidelines, first introduced in November 2022, require each third-party UPI app to comply with the 30 per cent transaction cap by volume.