Amazon, Meta and other payment firms will meet NPCI to challenge the dominance of PhonePe and Google Pay, which control about 80 percent of UPI transactions. Companies are seeking fairer access to features, limits on user acquisition practices, and regulatory support, as India delays plans to cap market share until end-2026.
Major global tech companies are mounting a coordinated push to challenge the stranglehold that PhonePe and Google Pay hold over India's Unified Payments Interface, taking their case directly to the country's payments regulator.
Amazon, Meta to hold a lobbying meeting
According to TechCrunch, executives representing Amazon Pay, WhatsApp, CRED, MobiKwik, and Flipkart's Super.money are scheduled to meet the National Payments Corporation of India (NPCI), the body that operates UPI, India's instant payments system that processes billions of transactions each month. Amazon and Meta are among the prominent names participating in the push.
Google Play, PhonePe own 80 percent majority stake in UPI transactions
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