Digital transfers through the Unified Payments Interface (UPI) more than doubled last year, hitting 2.73 billion in March, up from 1.25 billion in the previous year, according to data from the National Payments Corporation of India (NPCI). Separately, PhonePay reported 1.3 billion transactions on its platforms last month. He is the first Indian player to cross the billion mark by volume in UPI.
Such a feat should be celebrated by any player. But phone pay may not feel like all those celebrations. The two figures in March indicate that the 30% volume cap placed by NPCI on UPI market share for individual players may be exceeded, despite the success as a UPI brand, there are other services as well. If so, this would be a no-brainer. By repelling customers, for example scaling. Or acting in other ways that push the opponent forward. The irony is that a company is going strong for its own success. It is strange for a regulator to expect that a business will limit itself and that even with respect to its rivals, regulation sometimes happens this way. With good intensities such as breaking the monopoly, giving bad rules.