UPI transactions dipped 1.3% month-on-month to 22.35 billion in April, down from 22.64 billion in March, according to NPCI data. The transaction value also eased to ₹29.03 lakh crore from ₹29.53 lakh crore. Yet on a year-on-year basis, transactions climbed 25% and value rose 21%. Average daily count and value both increased MoM as NPCI held talks with smaller ecosystem players.
Amazon and Meta are joining rivals in a regulatory push to curb the dominance of Google Pay and PhonePe in India’s UPI instant payments market. Together they account for about 80% of transaction volume, and competing players are planning meetings with regulators to lobby for restrictions that could reshape how the payment system operates.
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