Amazon and Meta to Lobby Against Google Pay and PhonePe's Dominance in India's UPI System
Amazon and Meta are set to meet with India's National Payments Corporation of India (NPCI) to challenge the dominance of Google Pay and PhonePe in the UPI payments network. The meeting aims to address concerns over market share concentration, user acquisition practices, and fair competition. PhonePe and Google Pay currently account for 80% of UPI transactions, raising concerns among smaller players.
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Topics: Competition in Payments Market Dominance Regulatory Action Tech Companies in India UPI