PhonePe and Google Pay to Get More Time to Adhere to 30% UPI Market Cap: Report
Jun. 6, 2022NPCI May Extend UPI Apps Deadline to Comply With 30% Cap
According to anexclusive reportfromThe Economic Times,NPCI is mulling extending the deadline in order to avoid a decline in UPI adoption.“There is no choice but to consider this actively. They (NPCI) are wary of disrupting users and in effect slowing down UPI growth,”sources toldET.
While the leading UPI apps continue to grow, smaller players are finding it hard to attract a vast user base. For instance, WhatsApp Pay, which got theregulatory approval to have over 100 million users, isexperimenting with cashbacksto entice new users.“New entrants like WhatsApp Pay are yet to make a significant dent in the market in terms of cornering market share,”ET’s source added.
If you want to look beyond the top UPI apps and explore your options, do not forget to check our list of thebest UPI apps in India. While you are at it, tell us your favorite UPI app in the comments.
Subin writes about consumer tech, software, and security. He secretly misses the headphone jack while pretending he’s better off with the wireless freedom.
