There is big news for those paying UPI through third-party payment apps like Google Pay, Paytm, PhonePe etc. The National Payments Corporation of India has decided to impose a 30% cap on third-party app providers from 1 January 2021. NPCI has taken this decision to end the monopoly of third party apps. NPCI has said this in a press release.
The National Payments Corporation of India imposing a 30% cap on third-party app providers will not prevent these apps from becoming a monopoly in UPI transactions. This decision will prevent the monopoly of third-party apps in the coming times. The government has reported that about 200 crore UPI transactions are taking place in India every month. These UPI transactions are happening through various payment apps. The government says that in the coming years the number of UPI transactions in India will increase further.
This digital is a good sign for the purpose of India but there is also scope for a monopoly of one third party app in case of UPI transaction, which is not fair. In view of this, NPCI has decided that any one third party app will be allowed only 30% of the total volume of transactions. This means that if there are 200 crore UPI transactions in the country every month from next year, then its 30% i.e. 60 crore transactions can take place on any one third party app platform in a month.
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