If you use UPI on Google Pay, Paytm, PhonePe then know the news of relief, NPCI took a big decision

UPI News: The National Payments Corporation of India (NPCI) has given a big relief to companies with third party apps that use UPI. NPCI extended the deadline to limit the transaction limit on other apps including UPI payment apps like Google Pay, PhonePe, Paytm in the country. It has been postponed for 2 years till 31 December 2024.

General public will be benefited
The last date to bring third party apps which are crossing the volume cap of UPI based payment within the scope of 30 per cent was earlier December 31, 2022, but due to non-availability of alternative route, NPCI has given relief of two years to such companies. given. The general public will also benefit from this because till then they can make full use of their UPI payment.

Currently there is no limit on the volume cap of payment apps
Currently, there is no limit for transactions on apps like PhonePe, GooglePay, Paytm used for any kind of payment. Also, these applications have captured 80 percent of the digital payment market of UPI or App Based Payment. To curb this, NPCI is in favor of imposing a volume cap of 30 per cent for third party apps.

Relief to apps like Google Pay, PhonePe, Paytm
However, yesterday, in a big relief to some third party digital payment companies, NPCI said that it is extending the Unified Payments Interface (UPI) volume cap rules till December 31, 2024. Third party app providers like Google Pay and Walmart’s Phone Pay can get relief from this decision. Both these companies have a major stake in UPI based transactions.

News Reels

It has been delayed many times – decision postponed once again
NPCI said- Given the significant potential of digital payments and the need for manifold penetration from its present status, it is imperative that other existing and new players (banks and non-banks) enhance their consumer outreach for the development of UPI. Along with this, they will also have to achieve their market equilibrium. Keeping in view the current usage and future potential of UPI, and other relevant factors, the existing Third Party App Providers (TPAPs) have been extended the deadline for compliance by 2 years i.e. till December 31, 2024. NPCI had initially planned to implement the UPI market cap rules in January 2021, but it got delayed several times.

UPI transactions took place in October-November – know the data
The value of UPI transactions for November was recorded at Rs 11.90 lakh crore, while the number of transactions stood at 7.3 billion. According to NPCI, UPI processed 7.3 billion transactions worth Rs 12.11 lakh crore in October due to festive sales.

read this also

Indian Railways: Passengers are traveling fiercely by trains, passenger fare revenue of railway increased, know the figure