NPCI likely to extend volume cap deadline for existing UPI apps

PhonePe, and Google Pay likely to be the beneficiaries

With over a month and a half left for the volume cap norm on existing third-party application providers (TPAPs) to kick in, the National Payments Corporation of India (NPCI) is likely to extend the deadline.

This is mainly because the corporation wants to preserve the growth of its flagship payments platform — the Unified Payments Interface (UPI).

The two players — PhonePe and Google Pay — in breach of norms are also the ones generating the maximum volume for the UPI. According to the latest data released by NPCI, PhonePe has processed over 47.26 per cent of the transactions done