NPCI pings the government and industry on UPI market share cap

The National Payments Corporation of India (NPCI), which runs the Unified Payments Interface (UPI) digital railroad, is discussing with the government and industry stakeholders the implications of delaying its implementation timeline for limiting the market share of players in the UPI ecosystem.

This comes in response to a formal request from digital payments firm PhonePe to push back the January 2023 deadline by at least three years. According to a person familiar with the situation, Google Pay has also discussed an extension with NPCI. According to sources familiar with the situation, NPCI’s move comes at a time when Swiggy and Zomato are considering entering the UPI digital payments platform as third-party payments apps. According to sources familiar with the situation, NPCI’s move comes at a time when Swiggy and Zomato are considering entering the UPI digital payments platform as third-party payments apps.