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NPCI Extends Deadline on Digital Payment Transactions

Published on December 05, 2022
Current Context: The National Payments Corporation of India (NPCI) extended the deadline for limiting the volume cap of 30% on digital payment transactions.
NPCI Extends Deadline on Digital Payment Transactions
  • The volume cap of 30% for Third Party Application Providers (TPAP) in Unified Payments Interface (UPI) was extended by the NPCI till December 31 2024.
  • The NPCI, in 2020, gave the deadline of December 31, 2022, after which all UPI players viz. PhonePe, Google Pay, Paytm, etc. would have to have a share of 30% or less in monthly UPI volumes.
  • Presently, there is no such volume cap and the NPCI is introducing it to avoid the concentration risk and protect the UPI ecosystem.
  • As per the latest data released by the NPCI, the transaction share of various UPI players for October 2022 are as follows:
  1. PhonePe- 47%
  2. Google Pay- 34%
  3. Paytm- 15%
  • NPCI is an organization for operating retail payments and settlement systems in India and was established in 2008 with its headquarters in Mumbai. The current MD & CEO of the company is Dilip Asbe.

Question:

Q.1 The National Payments Corporation of India (NPCI) recently extended the deadline for limiting the volume cap of 30% on digital payment transactions?
a. January 2023
b. December 2023
c. January 2024
d. December 2024
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