PhonePe CEO opposes NPCI's 30% cap on UPI market share, claiming it hinders IPO plans.

PhonePe CEO Sameer Nigam says the 30% cap on UPI market share proposed by India's National Payments Corporation (NPCI) is hindering the company's IPO plans. The NPCI introduced the cap in 2020 to prevent market dominance. PhonePe, which holds over 48% of the UPI market, plans to go public in 2025 or 2026 once it reports net profit, and is currently in discussions with the NPCI and regulators to address concerns around the cap.