Current Affairs · Banking & Financial Sector
The digital payments ecosystem in India has witnessed exponential growth. Recently, the National Payments Corporation of India (NPCI) reviewed market dynamics, notably the overwhelming combined 84.8% market dominance held by two major entities, PhonePe and Google Pay, as of November 2024. What is the revised timeline for implementing the 30% market share cap on UPI transactions, and what was the primary rationale behind the initial introduction of this policy by the NPCI?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Mid-2026; to exclusively accommodate the rising volume of cross-border remittances
- 2End-2024; to introduce a tiered transaction fee structure for major entities
- 3End-2025; to phase out smaller payment applications and consolidate the market
- 4End-2026; to reduce dependence on a few major players, promoting competition and ensuring stability✓
Correct answer
End-2026; to reduce dependence on a few major players, promoting competition and ensuring stability
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