The National Payments Corporation of India (NPCI) is in talks with the Reserve Bank of India (RBI) on a decision to cap the total transaction limit for UPI payment services run by third parties to 30 per cent. NPCI has set a deadline of 31 December to implement this decision.
New Delhi: The National Payments Corporation of India (NPCI) is in talks with the Reserve Bank of India (RBI) to fix the transaction limit for flexible UPI payments by third parties. NPCI can fix the limit regarding the transaction of UPI payments till 31st December.
NPCI can fix UPI transaction limit
Explain that the National Payments Corporation of India (NPCI) is in talks with the Reserve Bank of India (RBI) on the decision to fix the total transaction limit for UPI payment service run by third parties to 30 percent. NPCI has set a deadline of 31 December to implement this decision. There is no transaction limit at this time. In such a situation, the market share of two companies Google Pay and PhonePe has increased to about 80 percent.
NPCI had given this proposal
In fact, NPCI this month had proposed to fix a 30 per cent transaction limit for third party app providers keeping in mind the risks of monopoly. A meeting was called to consider all aspects in this matter. At present, all possibilities are being evaluated by NPCI and no decision has been taken on increasing the limit of December 31.
How much was the UPI transaction in October?
Let us tell you that in the last month i.e. October 2022, the total number of UPI transactions reached the level of 730 crores with an increase of 7.7 percent, whose total value was Rs 12.11 lakh crores. Whereas in September 2022, there were 678 crore UPI transactions, the total value of which was Rs 11.16 crore. On the other hand, in October 2022, the total number of IMPS transactions was 48.25 crore, whose value was Rs 4.66 lakh crore.
