To make this possible, the companies are said to apply for New Umbrella Entity (NUE) licenses. In case you’re out of the loop, RBI had announced the final framework to help set up for-profit or not-for-profit entities to manage digital payments in August this year. Applicants should have at least three years of experience in the payments space and a minimum paid-up capital of Rs. 500 crore. The development comes after NPCI announced a 30 percent cap on the total volume of UPI transactions for third party UPI apps from January 1, 2021. “With UPI reaching 2 billion transactions a month and with potential for future growth, it has issued a cap of 30% of the total volume of transactions processed in UPI, applicable on all Third Party App Providers (TPAPs),” said NPCI in a statement.
