Question
The National Payments Corporation of India (NPCI) had
initially set a deadline of December 31, 2024, for third-party UPI apps to comply with a 30% market share cap. This deadline has now been extended. What is the new deadline for compliance?Solution
The National Payments Corporation of India (NPCI) has extended the deadline for third-party UPI apps to adhere to the 30% market share cap by two years, moving it from the original date of December 31, 2024, to December 31, 2026. Background: • In November 2020, NPCI introduced a regulation to limit any single third-party app provider's share of UPI transactions to 30%, aiming to prevent market dominance and ensure a competitive ecosystem. • The initial compliance deadline was set for December 31, 2022, but was later extended to December 31, 2024. • As of November 2024, major players like PhonePe and Google Pay held significant market shares, with PhonePe at approximately 47.8% and Google Pay at 37%. • Considering the current market dynamics and to avoid disruption in the UPI ecosystem, NPCI decided to further extend the deadline to December 31, 2026.
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