"PhonePe and Google Pay combined accounted for roughly 80% of the 22.6 billion transactions on the UPI network in March, data from NPCI shows. That scale far outpaces rivals such as Paytm, Flipkart's Super.money, CRED, Amazon Pay, and MobiKwik."
"PhonePe said this week it has crossed 700 million registered users and 50 million merchants across India, underlining the scale that has helped entrench its position. The merchants that accept it spans more than 98% of the country's postal codes, highlighting the reach that smaller rivals say is difficult to replicate."
"An agenda reviewed by TechCrunch shows participants, including Amazon and Meta, are expected to raise concerns about user acquisition practices, product design, and monetization within the UPI ecosystem."
Amazon, Meta, and other companies are lobbying the National Payments Corporation of India regarding the dominance of PhonePe and Google Pay in the UPI payments network. The meeting follows a delay in capping UPI app market shares, allowing PhonePe and Google Pay to maintain their dominance, accounting for 80% of UPI transactions. Concerns include user acquisition practices and fair access to features. Proposals include restrictions on onboarding practices and requests for regulatory support for smaller players to compete effectively.
Read at TechCrunch
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