To address the risks and protect the UPI ecosystem in India, the National Payments Corporation of India (NPCI) announced the market cap rules, thereby limiting any single prepaid payments instrument provider to process over 30% of UPI transactions in a month. PhonePe and Google Pay stand to gain from the extension of the market share cap deadline to December 2024 Over the next three to four years, the growth in online shopping is expected to further accelerate the growth of the prepaid card market in India. The swift adoption of digital payments can be seen with each passing quarter in India, and the trend is expected to further continue from the short to medium-term perspective. Mobile payment instruments, such as PhonePe, Google Pay, and Paytm, are leading the UPI transaction value and volume in the country. ![]() The Unified Payments Interface (UPI) transaction volume and value have grown significantly year over year in Q3 2022. In H2 2022, the country recorded over 40 billion digital transactions. Government policies, the flourishing fintech sector, and the global pandemic outbreak has assisted industry growth in unprecedented ways. The robust digital payments infrastructure, coupled with a high smartphone and internet penetration rate, has driven the prepaid card market in India. Over the forecast period of 2023 to 2027, the market is expected to record a CAGR of 29.7%, increasing from US$35.69 billion in 2022 to reach US$134.59 billion by 2027. India'a prepaid card market (value terms) increased at a CAGR of 18.4% during 2018-2022. Dublin, Ma(GLOBE NEWSWIRE) - The "India Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend - Q1 2023 Update" report has been added to 's offering.
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