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India scrambles to curb PhonePe and Google’s dominance in mobile payments
The National Payments Corporation of India (NPCI), the governing body overseeing the country's widely used Unified Payments Interface (UPI) mobile payment NPCI is set to engage with various fintech startups this month to develop a strategy to address the growing market dominance of PhonePe and Google Pay in the UPI ecosystem.
NPCI executives plan to meet with representatives from CRED, Flipkart, Fampay and Amazon among other players to discuss their key initiatives aimed at boosting UPI transactions on their respective apps and to understand the assistance they require, people familiar with the matter told TechCrunch. The new meetings are part of an increasing effort to address concerns raised by lawmakers and industry players regarding the market share concentration of Google Pay and PhonePe, which together account for nearly 86% of UPI transactions by volume, up from 82.5% at the end of December. Indian daily Economic Times separately reported Wednesday that the NPCI is encouraging fintech companies to offer incentives to their users, promoting the use of their respective apps for making UPI transactions.
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