The National Payments Corporation of India (NPCI), a special unit of the Reserve Bank of India, plans to extend the deadline for introducing a 30% cap on the market share of individual UPI ecosystem participants, the sources said.
The NPCI had initially planned to enforce the market share cap in January 2021, but postponed the deadline to January 1, 2025. TechCrunch had previously reported that the regulator was moving towards extending the deadline further after concluding that there is no practical solution to address the issue.
source: techcrunch
NPCI is simply limiting private enterprise fintech growth in India. Public innovation is good on paper, reality is everyone is simply fed up of the 0 money thing. Banks are fed up of having to pay and maintain expensive IT infrastructure so that one guy can pay for chai 5 rupees via UPI.
If there is no monetary model. Why will any company bother making a UPI app and scaling it and burning millions of dollars? No point.
Migrating PhonePe to India 1B $ in useless tax
Like that stupid separation of PhonePe from Flipkart ~0.7B $
Now this 3.5B$ just to increase its stake when it was already a majority owner! What's going on?
Maybe, Taking on Reliance retail and Amazon in India? Tech infra for Walmart (random guess) 100% or ownersh...
