Wednesday, February 1, 2023
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Elusive target | Mint

The spirit of licensed dominion in India continues to haunt business, especially where rules are designed to achieve practically unattainable goals. As expected, such goals are never achieved, but officials can flex their muscles and tap their knuckles. Take third-party apps that allow you to transfer money through the Unified Payment Interface (UPI). Not surprisingly, the National Payments Corporation of India (NPCI), which manages it, has been forced to delay imposing a 30 percent volume cap on market share among private players in this area. In October, PhonePe accounted for nearly half of transactions, while Google Pay accounted for over a third, and Paytm was #3 with roughly 14% of transactions. Newcomers like WhatsApp and Amazon Pay have made great strides. Showing a bewildering antitrust zeal, the NPCI wanted the top two companies to resist consumer demand by the end of 2022 and cut their piece of the fast-growing pie. forward two years. The cap had to be raised, not kicked along the way. Meanwhile, to fill the payment space with competition, our central bank may be promoting the use of its retail e-rupee, which is currently being tested.

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