Smaller third-party UPI players plan to lobby NPCI for new limits on market leaders like PhonePe, Google Pay and Paytm. Their proposals include curbing aggressive user acquisition, tightening monetization and opening merchant services, arguing the long-delayed 30% market share cap hasn’t been implemented. The push could reshape how apps compete for UPI users and merchants.
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.
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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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