Attention UPI e-wallet users: The National Payments Corporation of India is set to roll out new guidelines for digital payments in India. For people who use UPI e-wallets like Google Pay and PhonePe among others will be impacted as government moves to bring in more security features in digital payments.
PhonePe’s and Google Pay’s success ride on the back of UPI will soon hit a road block as the National Payments Corporation of India (NPCI) is all set to introduce new guidelines for digital payment companies to minimise concentration and systemic risks in UPI.
A senior banker said on anonymity, "This exhibits NPCI's raising concerns over the increasing security threats by non-banking payment companies. Phonepe will have to re-visit its business strategy for a possible fundraise at this stage."
Other industry veterans and experts have applauded NPCI's move and are of the opinion that this will secure the digital payments infrastructure in India.