The move will likely stymie the growth of payments services offered by Facebook, Alphabet’s Google and Walmart.

Global tech giant Google on Friday criticised India’s move to cap the share of transactions some companies within the country’s digital payments space can account for, saying it would hinder the nation’s burgeoning digital payments economy.

Google’s criticism came after flagship payments processor the National Payments Corp of India (NPCI) on Thursday said third-party payments apps, from January 1 will not be allowed to process more than 30% of the total volume of transactions on state-backed United Payments Interface (UPI) framework, which facilitates seamless peer-to-peer money transfers.

The move will likely stymie the growth of payments services offered by Facebook, Alphabet’s Google and Walmart, while boosting the likes of Reliance’s Jio Payments Bank and SoftBank-backed Paytm which are armed with bank permits.

Source: Reuters

(This story has been published from a wire feed without modifications to the text. Only the heading has been changed)

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