BENGALURU : India’s digital payments firms are facing a double whammy with the launch of Whatsapp Pay and the capping of market share on Unified Payments Interface (UPI). A day after National Payments Corporation of India (NPCI) announced a market cap of 30% for digital payment firms on UPI, market leader Google Pay said it may impact further adoption of UPI in the country. Google Pay has hinted that NPCI’s intervention through market cap should be reconsidered, as Indian consumers need to be provided with a ‘choice’ for making digital payments. The decision on market cap has left payment firms confused on how they can curb their market share and stop the ‘network effect’ of payments. “WhatsApp entering payments, may tilt the market and help all other players get under the required market cap of 30%.

Source: Mint November 06, 2020 14:26 UTC