Context : Parliamentary Committee's Concerns on Digital Payments-dominance of foreign entities in the Indian digital payment space
The Unified Payments Interface (UPI) commanded a 73.5% share of the total digital payments in terms of volume in FY 2022-23. However, its share in terms of value was only 6.67% in the same period.It means that UPI's volume is more but the value is less when compared to other methods like credit or debit cards
NPCI- cap rule- UPI is software skeleton over which different payment apps do some modifications and put their branding stickers - So NPCI- creator of UPI has now capped the transactions to 30% of all transactions for any single player. This is like saying no single vendor in a market should be so big that they take more than 30% of all sales, ensuring that smaller vendors also get a chance to sell their goods.
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