NPCI may defer market cap deadline for UPI payment platforms by 2 years

The National Payments Corporation of India (NPCI), which oversees the Unified Payments Interface (UPI), is set to defer implementing caps on market share for digital payment platforms by two years, according to Reuters.

With only eight months left for the implementation deadline, NCPI appears to be favouring growth over concerns about market concentration.

The move would benefit India’s top digital payment platforms, PhonePe and Google Pay, which together processed a total of 11.5 billion UPI transactions in April.