The National Payments Corporation of India (NPCI) has pushed back the rollout of a 30% market share cap from the end of 2024 by two years, the second such delay.
The move benefits Google Pay and Walmart-backed PhonePe, which between them cover more than 85% of UPI transactions.
“Considering various factors, the timeline for existing TPACs [third party app providers] who are exceeding the volume cap, is extended by two years,” says the NPCI.
While PhonePe and Google Pay dominate the market, they are set to face some renewed competition from WhatsApp, which was recently given the greenlight to roll out its P2P payments service to all of its 500 million Indian users.
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