This may be ‘good news’ for users of Google Pay, BHIM and other UPI-based apps

However, this will be between payment entities and NPCI. How the benefits get passed on to consumers will depend on market strategies of various companies.
“In this market, where the major players are super-funded, benefits will get passed on to consumers very easily,”
said Vivek Belgavi, fintech leader at consultancy firm PwC India. “The move will remove further barriers for the overall ecosystem to grow.”
Google Pay has been aggressively promoting UPI scratch cards and offers exclusive cashbacks for specific merchants such as Uber or Licious among others. Both Paytm and PhonePe have featured offers and incentives to get ahead in the retail payments race. PhonePe said recently that it intends to spend ₹500 crore in the next year to promote UPI payments through its application.