UPI apps may soon impose a transaction limit: What it means?
UPI platforms such as PhonePe and Google Pay are currently dominating the market with approx 80 percent share. In order to avoid the monopoly of any UPI app, NPCI has sent a proposal of a 30 percent volume cap in November 2022, which the organisation wants the RBI to approve.
The National Payments Corporation of India (NPCI) may soon implement its proposed December 31 deadline to limit the volume cap for third-party UPI app providers (TPAP), reported ANI. This means that people in India will lose the ability to make unlimited transactions via PhonePe, Google Pay and other UPI applications.