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US Trade Representative Pulls Up NPCI for 'Favoring' Local Players
Financial Express Kochi
|April 03, 2025
The National Payments Corporation of India (NPCI) has come under criticism from the US for alleged discrimination against foreign firms by limiting the market share of electronic payment service providers.
The National Trade Estimate report by the US Trade Representative office submitted to President Donald Trump on Monday details tariff and non-tariff barriers faced by American businesses in 59 jurisdictions, including the European Union (EU), singled out NPCI for favoring domestic players over foreign suppliers.
In November 2020, the state-owned NPCI—which has been promoted by the Reserve Bank of India and the 10 biggest banks of the country—announced a market share limitation of 30% measured by transactions for foreign electronic payment service suppliers processing online payments made through India's Unified Payment Interface (UPI). NPCI has developed and owns UPI.
This story is from the April 03, 2025 edition of Financial Express Kochi.
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