Amazon, Meta to seek fairer UPI rules from NPCI
Amazon, Meta, and others are gearing up to challenge the near-monopoly of Google Pay and PhonePe in India's digital payments scene.
Right now, those two apps handle almost 80% of all UPI transactions in March, out of 22.6 billion transactions in March.
On April 30, these rivals will sit down with NPCI, which runs UPI, to talk about fairer rules and how new players can get a better shot.
India delayed UPI market share limits
India previously delayed market share limits for UPI apps, letting Google Pay and PhonePe keep their lead for now.
Smaller players like Amazon Pay and CRED say it is tough to compete when one or two apps dominate so much space (PhonePe alone reaches nearly every corner of India).
This meeting could shape how easy (or hard) it will be for fresh faces to break into your favorite payment apps soon.