The deadline for complying with existing Third Party App Providers who are exceeding the proposed volume cap has been extended by two years until December 31, 2024 . Google Pay and PhonePe are currently dominant in the UPI industry .
New Delhi, India, December 5: The deadline for complying with existing Third Party App Providers who are exceeding the proposed volume cap has been extended by two years until December 31, 2024, according to a statement issued by the National Payments Corporation of India.Given the enormous opportunity that digital payments has to offer and the urgency of multi-fold penetration from its current state, it is essential that other existing and new players (Banks and Non-Banks), scale up their consumer outreach to support UPI's growth and achieve overall market stability, according to the statement released by Chief Operating Officer Praveena Rai on December 2.Notably, the Corporation announced on November 5, 2020, that the existing service providers who are exceeding the 30% target will have a two-year window to The service providers must guarantee that the total number of transactions initiated does not exceed 30% of the total number of transactions processed in UPI during the last three months.Google Pay and PhonePe are currently dominant in the UPI industry.The NPCI introduced a rule in 2020 to cap the number of transactions to prevent such concentration in the UPI market.