Non-banking Cos Using UPI to Get a Payments Council Seat The Payments Council of India, the industry body for payments in the country, is in the process of forming a separate subcommittee for non-banking private players using Unified Payments Interface (UPI) for fund transfer. This comes amid steady growth of UPI-based transactions and mushrooming of private companies on the UPI platform in partnership with banks. In a closed-door meeting on Tuesday, companies such as PhonePe, Paytm, Amazon Pay, Google, WhatsApp, Hike and Truecaller, along with the National Payments Corporation of India (NPCI), discussed issues related to UPI. “The plan is to make private players also part of the decisionmaking processes around UPI which can help these companies manage the regulatory environment better,” said a senior executive of a payment company, who attended the meeting. The main challenge for the subcommittee, the executive said, would be to resolve operational issues which are currently p