UPI (Unified Payment Interface) was introduced by the National Payments Corporation of India (NPCI) in 2016, to facilitate digital transactions and move India towards a cashless economy. UPI has caught a lot of traction since 2016 and has been accepted widely. To further increase the acceptance of UPI in December 2019, the government withdrew MDR (Merchant Discount Rate) charges applicable on payment via UPI.
Recently, in November NCPI announced a 30 per cent cap on all third-party UPI payment apps i.e. no UPI player could have more than 30 per cent market share.