The National Payments Council of India (NPCI) is reportedly in talks with Reserve Bank of India (RBI) officials about implementing the 30% market cap deadline.
When the rule is implemented, the volume of the Unified Payments Interface (UPI) will be limited to 30% per app. The NPCI is weighing all options, and no final decision on extending the deadline of December 31 has been made, according to ET, citing sources. The NPCI has received requests from industry stakeholders and may make a decision on whether or not to implement the TPAP guidelines by the end of November. The NPCI has also been looking into ways to implement the market share cap without limiting end-user experience. PhonePe currently has nearly 50% of the UPI market, while Google Pay has nearly 35%.