As per the National Payments Corporation of India, the country has extended the timeline for compliance of third-party app providers who are exceeding the volume cap of digital payment transactions to December 31, 2024, an extension of two years.
The NPCI stated that the move has been undertaken taking into account the present usage and future potential of United Payments Interface (UPI) and other relevant factors.
In late 2020, NPCI had said that the payment firms will not be allowed to process more than 30 per cent of their total volume of transactions by January 1, 2022.
The move brings ease to digital payment platforms such as PhonePe and Google Pay which work on the UPI to facilitate payment transfers via mobile handsets.
