NPCI delays UPI payments market share cap in relief for PhonePe, Google Pay

India on Tuesday delayed the implementation of market share caps for a popular digital payments method by two years, a move that will benefit Google Pay and Walmart-backed PhonePe.

According to the proposal, first made in November 2020, digital payment firms would not be allowed to hold more than 30 per cent share of the volume of transactions processed via India’s popular unified payments interface (UPI).