Thursday, March 28, 2024
News

NPCI defers UPI market cap rules till Dec 31, 2024

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Saturday, 2022 1:15:10 AM IST
In a major relief for some third-party digital payments players, the National Payments Corporation of India (NPCI) on Friday said it is extending the Unified Payments Interface (UPI) volume cap rules deadline till December 31, 2024.

The NPCI initially planned to enforce the UPI market cap rules in January 2021, but delayed it several times.

"In view of significant potential of digital payments and the need for multi-fold penetration from its current state, it is imperative that other existing and new players (Banks and Non-Banks) shall scale-up their consumer outreach for the growth of UPI and achieve overall market equilibrium," the NPCI said in a circular.

Taking into account the present usage and future potential of UPI, and other relevant factors, "the timelines for compliance of existing third-party app providers (TPAPs) who are exceeding the volume cap, is extended by two (2) years till December 31, 2024 to comply with," said the NPCI.

UPI transaction value for November was recorded at Rs 11.90 lakh crore while the transaction count was 7.3 billion.

According to the NPCI, UPI processed 7.3 billion transactions worth Rs 12.11 lakh crore in October, riding on festive sales.

--IANS na/pgh

( 209 Words)

2022-12-02-19:20:05 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE SCIENCE NEWS
AI technique accurately predicts deadly ...
Researchers discover new approach to tre...
Researchers discover how gene mutation r...
Climate change disrupts vital ecosystems...
Study finds how ageing reduces ability o...
Israeli researchers uncover biological p...
More...
 
INDIA WORLD ASIA
Telangana: Fire breaks out at Ravi Foods...
UP's improved law and order to be the do...
From 'Microphone' to 'Pressure Cooker', ...
ASI continues survey at Bhojshala Comple...
CISF Jawan shoots self at Kolkata airpor...
'INDIA bloc has no presence; united to a...
More...    
 
 Top Stories
Coming up on Friday: PM Modi-Bill G... 
ED attaches asset worth Rs 70 lakh ... 
Jamia Millia Islamia appoints Mohd ... 
Lok Sabha polls: Congress candidate... 
"China may repeat its baseless clai... 
ED seizes Rs 3.89 crore in raids at... 
Pushkar Singh Dhami visits Nanakmat... 
"Something going right": Hardeep Pu...