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The governing consistency supervise India ’s popular UPI payments rail is considering easing its proposed market place share cap for manipulator like Google Pay , PhonePe , and Paytm as itstruggles to enforce limitations , two people familiar with the affair differentiate TechCrunch .
National Payments Corporation of India ( NPCI ) , which report to India ’s central bank , is consider increasing the market share that UPI operators are allowed to hold to more than 40 % , the two people say , request anonymity due to the sensible nature of the information . The governor had previously proposed a 30 % market place share limit to promote contention in the space .
UPI has become the most wide used way masses send and receive money in India , and the mechanism process over 12 billion dealings a month . Walmart - backed PhonePe commands roughly 48 % market ploughshare by volume and 50 % by value , while Google Pay holds a 37.3 % share by volume .
Paytm , once a heavyweight in the distance , has seen its grocery plowshare drop to 7.2 % from 11 % at the death of last yearamid regulatory challenges .
The NPCI increasing market share boundary is likely to be a controversial move , as several UPI provider have been skip regulators would step in to curb the laterality of PhonePe and Google Pay , according to several industry administrator .
The NPCI , which has so far declined to comment on the grocery store share issue , did not respond to a asking for comment on Tuesday .
The regulator had initially design to enforce the market share limits in January 2021 butpushed back the deadline to January 1 , 2025 . The regulator hasstruggled to chance a viable wayto impose its market share limits proposal .
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The stakes are gamy , especially for PhonePe , which is the most worthful fintech startup in India , witha $ 12 billion rating .
PhonePe ’s co - founding father and principal administrator , Sameer Nigam , last calendar month allege that the inauguration can not go public “ if there is precariousness on the regulatory side . ”
“ If you are buying a share at radius 100 and you price it assuming we have 48 - 49 % securities industry share , then there is an incertitude about whether it will come down to 30 % and by when , ” Nigam said at a fintech league last month . “ We are request them ( the regulator ) if they can find another style to at least figure out whatever their concerns are or tell us what the list of concerns is , ” he added .
