The National Payments Corporation of India (NPCI)-owned Unified Payments Interface (UPI) network created a new record in November, processing close to 1.12 Bn transactions in the first 15 days of the month. It finally saw the number settle at 2.21 Bn by the month-end.
November began on an optimistic note with WhatApp Pay getting its green signal from NPCI to ‘go Live,’ but with limitations. The payments authority said in a statement that Facebook-owned WhatsApp can expand its UPI user base in a coherent manner starting with a maximum registered user base of 20 Mn in UPI, wherein it has about 200 Mn users in the country.
With the growing popularity of UPI payments across the country, NPCI has decided to cap the share of the total number of transactions that third-party payments apps like Google Pay, PhonePe, Google Pay, Amazon Pay and Paytm among others to process up to 30% of the total volume of UPI transactions. The decision is set to be effective from January 1, 2021 Read more ➤