National Payments Corporation of India (NPCI) has given great relief to the units providing UPI services. Under which the deadline for achieving the limit of 30 percent quantity in digital payment transactions for Third Party App Providers Units (TPAP) has been extended by 2 years to December 2024.
National Payments Corporation of India (NPCI) has given great relief to the units providing UPI services. Under which the deadline for achieving the limit of 30 percent quantity in digital payment transactions for Third Party App Providers Units (TPAP) has been extended by 2 years to December 2024. With this decision of the National Payments Corporation of India, third party app providers like Google Pay and Walmart’s PhonePe can get the biggest relief. Let us tell that Google Pay and PhonePe have the largest share in UPI based transactions in the Indian market.
The new limit was to be implemented from January 1, 2021
Let us tell that APCI (APCI) operates Unified Payments Interface ie UPI in India. UPI is used extensively in India for instant payments at the time of mutual transactions or purchases. In November 2020, NPCI had announced that third party apps providing such facilities would handle only 30 per cent of the transactions done through UPI. This limit was to be applicable from January 1, 2021. However, on November 5, 2020, TPAPs with majority stake were given 2 years to achieve the limit in a phased manner.
UPI transactions are increasing rapidly in the country
National Payments Corporation of India said in a circular that keeping in view the present usage and future prospects of UPI and other relevant factors, the compliance deadline for TPAPs having higher stake has been extended by 2 years i.e. till December 31, 2024. . Let us tell you that the number of transactions done through UPI in India and its value is continuously increasing rapidly. The total number of UPI transactions in October 2022 increased by 7.7 percent to reach 730 crore, with a total value of Rs 12.11 lakh crore.
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