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India’s mobile payments dilemma
India's payments regulator is set to decide as early as Monday whether to curb the dominance of Walmart's PhonePe and Google in the nation's fast-growing India will decide this week if Walmart and Google must shrink their payments share on the popular UPI network.
The decision centers on UPI, or Unified Payments Interface, a network backed by more than 50 retail banks that has changed how Indians pay for everything from groceries to taxi rides. If the regulator imposes restrictions on PhonePe and Google Pay’s ability to onboard new users or puts a check on how many transactions they process, many other startups stand to gain grounds. A market share cap would mark one of India’s most significant interventions in its technology sector, which has attracted massive investments from global companies like Walmart, Google, and Meta.
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