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: β’ 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. β’ The initial compliance deadline was set for December 31, 2022, but was later extended to December 31, 2024. β’ 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%. β’ 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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