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Unified Payments Interface (UPI) has made it very easy for people to transact money with each other. Be it for personal transactions or business transactions, it can be done instantly and without any extra cost. UPI is regulated and governed by the National Payments Corporation of India (NCPI). The regulatory body has made an announcement for a change that will soon come to the UPI apps. The announcement has come as a shock for all the major apps such as Google Pay, PhonePe, and Paytm. Keep reading ahead to understand how it might affect you.
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Capped Transactions for UPI Apps
Every UPI app will have a certain capped limit for the transactions which can happen through them. In case any of the apps violate the limit set by the regulator, they will be penalised. The most affected apps due to these rules will be Google Pay, PhonePe, and Paytm. These are the leading UPI apps in the country. So how will the cap limit work for these apps?
There are three major rules that you need to understand. The first rule is, none of the UPI apps should have more than a share of 50% UPI transactions done through them if it is their first year of operations. In case it is the app’s second year, they cannot process more than 40% of the UPI transactions. For the third year, the apps cannot have a share of more than 33% UPI transactions.
