PhonePe, Google Pay and WhatsApp Pay user alert! In November 2020, NPCI had proposed to keep the volume of UPI transactions for an app at 30 percent. But for the second time, the period of compliance has been extended for two years.
PhonePe, Google Pay and WhatsApp Pay user alert! There is a big relief news for fintech companies PhonePe, Google Pay and WhatsApp. The National Payment Corporation of India has extended its deadline for imposing a limit on the volume of transactions done through UPI for two years.
With this decision of NPCI, both these companies, which have the largest share in UPI transactions, will be able to process as many transactions as they want. NPCI has removed the limit on adding new UPI users on WhatsApp Pay, which has come into effect with immediate effect. After this decision of NPCI, WhatsApp Pay will be able to offer UPI service to all its users in India.
What is the whole matter?
In November 2020, NPCI, the organization that operates the UPI work in India, proposed to impose a maximum UPI transaction volume limit of 30 percent for a company so that a company’s monopoly can be avoided. But UPI app companies argued that imposing a limit would affect their growth and it would also affect the growth of UPI payments. According to NPCI data, PhonePe and Google Pay account for around 47.8 percent of the total UPI transactions in the country. In which PhonePe’s share is around 48 percent and Google Pay’s is 37 percent. The Payment Council of India has welcomed this decision of NPCI. NPCI is a joint organization of RBI and banks which is responsible for retail payments and settlement in India.
Relief to WhatsApp Pay too
The National Payment Corporation of India had earlier allowed WhatsApp Pay to increase its user base in a phased manner. Earlier, WhatsApp Pay was allowed to add only 100 million i.e. 10 crore UPI users. But according to the latest notification issued by NPCI, WhatsApp Pay can now add as many new users as it wants. WhatsApp Pay will have to follow all UPI guidelines and circulars related to third-party application providers.
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