Amazon and Meta are challenging the dominance of PhonePe and Google Pay in India's instant payment network. They plan to hold negotiations with the country's payment regulatory body to regulate this situation. Techcrunch.com reports on this.
Representatives from platforms such as Amazon Pay, WhatsApp, CRED, MobiKwik, and Flipkart will meet with the National Payments Corporation of India (NPCI). This organization manages the Unified Payments Interface (UPI), which processes billions of transactions every month.
According to data from March, PhonePe and Google Pay accounted for nearly 80 percent of the 22.6 billion transactions on the UPI network. This figure is significantly higher than the market share of other competitors.
Meeting participants are expected to express concerns regarding user acquisition practices, product design, and monetization issues. They also aim to request regulatory support and incentives to help new participants compete.
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