India won’t enforce a cap on the market share for players operating on the homegrown payments network until December 31, 2024 in a surprising move that analysts say is a major a win for Google Pay and Walmart’s PhonePe.
The National Payments Corporation of India, the payments body that oversees the Unified Payments Interface payments network, said on Friday that it is taking the move in part to ensure existing players have enough time to comply with the rules.
“In view of significant potential of digital payments and the need for multi-fold penetration from its current state,
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India won’t enforce market share cap on UPI until 2025 in a win for Google and Walmart
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