Google Pay, PhonePe: Will UPI Apps Get Transaction Limit?
Users in India might soon be unable to make unlimited transactions via PhonePe, Google Pay and other UPI payment
No More Unlimited Transactions Using UPI?
As per reports, the National Payments Corporation of India (NPCI) is working with Reserve Bank of India to implement its proposed Dec 31 deadline for limiting the volume cap for third party app providers
NPCI Partners With RBI For Limiting Volume Cap
As of now, there is no transaction limit on UPI-based apps like Google Pay, PhonePe and Paytm
No Transaction Limit Till Now
In order to avoid concentration risk, NPCI sent a proposal of a 30% volume cap in November 2022, which it wants the RBI to approve
NPCI’s Proposal To RBI
Till now, no decision has been taken in regard to curbing transaction limit on UPI apps
No Decision On Curbing UPI Transaction Limit
Some industry stakeholders reportedly want NPCI to extend the deadline for limiting UPI transactions and this is being examined currently
Stakeholders Want To Extend Deadline
Some reports claimed that the issue of market cap implementation will be resolved by the end of this month
Resolution Soon For UPI Transaction Limit?
It is expected that there will be more clarity on whether UPI transaction limit can be capped, likely by the end of November
More Clarity By Nov End
NPCI first proposed to cap the volume of transactions at 30 per cent back in 2020. However, the desired market cap was later exceeded and UPI apps like PhonePe and Google Pay were given at least two more years to comply
First NPCI Proposal In 2020
New Tata Tigor EV launched: Check Price, Specs
Produced by: Anshula Raj Designed By: Mohsin Shaikh