It is unfortunate that, at a time when new investment and business confidence are required in order to recover from the effects of a devastating pandemic, the government appears to have stepped up anti-investor protectionism in the digital sector — and, in particular, in the fast-growing digital payments sector. The National Payments Corporation of India (NPCI) has recently set a cap on how much of the transaction volume can be accomplished through any particular third-party app. This will affect the business model of multiple such providers, such as PhonePe and Google Pay. It will not, however, affect their competitor Paytm, which is not a third-party app but a mobile wallet. This has naturally led to questions about arbitrariness.
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First Published: Mon, November 16 2020. 00:00 IST