In a major relief for some third-party digital payments players, the public Payments Corporation of India( NPCI) on Friday said it’s extending the Unified Payments Interface( UPI) volume cap rules deadline till December 31, 2024.
The NPCI originally planned to apply the UPI request cap rules in January 2021, but delayed it several times. ” In view of the significant eventuality of digital payments and the need for multi-fold penetration from its current state, it’s imperative that other being and new players( Banks and Non-Banks) shall scale – up their consumer outreach for the growth of UPI and achieve overall request equilibrium,” the NPCI said in an indirect.
Taking into account the present operation and unborn eventuality of UPI, and other applicable factors,” the timelines for compliance of being third-party app providers( TPAPs) who are exceeding the volume cap, is extended by two( 2) years till December 31, 2024 to comply with,” said the NPCI.
UPI sale value for November was recorded at Rs 11.90 lakh crore while the transaction count was 7.3 billion.
According to the NPCI, UPI reused 7.3 billion deals worth Rs12.11 lakh crore in October, riding on festive sales.
