News Formal

Exclusive: India to again delay caps on UPI payments market share

  • 📰 Reuters
  • ⏱ Reading Time:
  • 33 sec. here
  • 56 min. at publisher
  • 📊 Quality Score:
  • News: 206%
  • Publisher: 97%

RSBI:REGULATORY-OVERSIGHT News

MTPIX,EREP,ANLINS

India will again delay caps on market share for a popular digital payments method, two sources told Reuters, benefiting Google Pay and Walmart-backed PhonePe as the authorities prioritise growth over concerns about market concentration.

QR codes of digital payment firms PhonePe and Paytm are seen on the counter of a grocery store in Ahmedabad, India, February 5, 2024. REUTERS/Amit Dave

PhonePe's share of UPI payments has risen to 48.3% from 37% in April 2020, while Google Pay's share has declined to 37.4% from 44%, according to NPCI data. The two processed a combined 11.5 billion transactions in April, the data showed.India launched UPI in 2016 but barred companies from charging for the instant digital payments service in an effort to promote online transactions and reduce the use of cash in Asia's third-largest economy.

The deadline will have to be extended again, said one of the sources, as it is not possible for PhonePe and Google Pay to reduce their market shares without hurting UPI payments growth.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tesla's Musk to meet Modi in India and announce investment plans: ReutersThe billionaire will meet Modi in the week of April 22 in New Delhi, and will separately make an announcement about his India plans, said the two sources.
Source: CNBC - 🏆 12. / 72 Read more »

India is a key chip design market, Qualcomm says, as Modi makes semiconductor pushQualcomm is already designing chips in India, Qualcomm India's president Savi Soin said in an exclusive interview.
Source: CNBC - 🏆 12. / 72 Read more »