Chennai: It seems that there may soon be a limit for unlimited transactions carried out on UPI apps including Google Pay and Phone Pay. It seems that the National Payments Corporation of India, which oversees the UPI digital system in India, is carrying out the work in collaboration with the Reserve Bank of India.
The deadline for third-party app providers to limit metering will expire on December 31. Therefore, it is reported that the National Payments Corporation of India is working to implement this.
UPI Payments enables everyone from the common man to receive and send money instantly digitally in India. It is beneficial for both traders and customers.
UPI transactions are done through various apps like Google Pay, Phone Pay, Amazon Pay, BHIM. Its number of users and transactions are increasing day by day. Bank account is the only basis for this. In this context, it seems that the procedure of imposing a limit on UPI transactions will be implemented soon. However, the full details will be known only when the final decision regarding this comes out.
Currently, both Google Pay and Phone Pay seem to have about 80 percent share in the Indian market. It is reported that the National Payments Corporation of India has proposed to set a limit to bring this to 30 percent. It is the request of the lawyers of the app providing UPI service that the deadline should be extended. Let’s wait and see what happens.