Online Payment New Rules: UPI payment apps like Google Pay, PhonePe, Paytm present in the country can soon limit the transaction limit on other apps. Due to which users will not be able to get the benefit of unlimited transactions now. The National Payments Corporation of India (NPCI), which operates the UPI digital pipeline, is discussing the matter with the Reserve Bank. According to which the deadline for its implementation can be implemented from the proposed 31 December. Let us give you detailed information.
Currently there is no limit for transactions on apps like PhonePe, GooglePay, Paytm used for any kind of payment. Also, these applications have captured 80% of the market. To curb this, NPCI is in favor of imposing a volume cap of 30% for third party apps. For this, a meeting has been held to comprehensively consider all aspects. In which senior officials of Ministry of Finance and RBI were also present along with officials of NPCI.
Directions have already been issued
NPCI has already issued a directive on capping of transaction share in 2020, applicable from January 1, 2021, according to which a third party application provider can process 30 per cent of the UPI transaction volume. Which will be calculated on the basis of transactions of the last three months.