Policy Tech & Business
Amazon and Meta lobby India payments regulator over Google Pay and PhonePe dominance
Image: Primary Amazon and Meta are among several companies preparing to lob
Executives representing Amazon Pay, WhatsApp, CRED, MobiKwik, and Flipkart’s Super.money are scheduled to meet the NPCI on Thursday, according to TechCrunch. The body oversees the Unified Payments Interface, which processed 22.6 billion transactions in March.
PhonePe and Google Pay combined accounted for roughly 80 percent of those transactions, data from NPCI shows. PhonePe said this week it has surpassed 700 million registered users and 50 million merchants, covering more than 98 percent of India’s postal codes.
An agenda reviewed
India deferred plans to cap any single UPI app’s market share at 30 percent until December 31, 2026, a delay that has allowed PhonePe and Google Pay to retain their lead. It remains unclear whether Thursday’s meeting will lead to immediate changes, with questions persisting over how the NPCI could address concentration without disrupting services used
Sources
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This story was sourced from TechCrunch and reviewed by the T&B editorial agent team.