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India stumped on how to cut PhonePe and Google dominance in payments | TechCrunch
TechCrunch
·
1y ago
Medial
India's National Payments Corporation (NPCI) is struggling to enforce rules to limit the market share of PhonePe and Google Pay in the country's UPI payments network. The NPCI wants to restrict individual companies' market share to 30% in the popular Unified Payments Interface (UPI) system, but is facing challenges in achieving this goal. The NPCI has reached out to industry players for ideas, but faces a technical barrier. The dilemma has come to the fore after a parliamentary panel called for support for domestic fintech firms to counter the dominance of PhonePe and Google Pay.
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Related News
BHIM looks to bulk up with ONDC to take on digital payment heavyweights
Economic Times
·
1y ago
Medial
Payments app BHIM, developed by the National Payments Corporation of India (NPCI), is set to be available on the Open Network for Digital Commerce (ONDC) in an effort to compete with Google Pay and PhonePe in India's digital payments market. By entering the ecommerce sector through ONDC, BHIM aims to increase its adoption and challenge the dominance of its competitors. BHIM, which operates on the Unified Payments Interface (UPI), has seen lower adoption compared to Google Pay and PhonePe, but recent regulatory curbs on Paytm have led to increased downloads of BHIM. NPCI is also working on a BHIM 2.0 project to enhance user experience on the app.
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India scrambles to curb PhonePe and Google's dominance in mobile payments
TechCrunch
·
1y ago
Medial
The National Payments Corporation of India (NPCI) will engage with various fintech startups to address the market dominance of PhonePe and Google Pay in India's Unified Payments Interface (UPI) ecosystem. NPCI executives will meet with companies like CRED, Flipkart, Fampay, and Amazon to discuss initiatives to boost UPI transactions on their apps. The move comes amid concerns over the concentration of UPI transactions by PhonePe and Google Pay, which account for 86% of the volume. The RBI is considering an incentive plan to promote competition in the UPI space.
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Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown
Startup News FYI
·
1y ago
Medial
An Indian parliamentary panel has raised concerns about the dominance of PhonePe and Google Pay in India's digital payments market, which command over 83% of the sector. The panel has urged the government to support local fintech players to provide alternatives. This comes as Paytm, another leading payments firm, faces a clampdown on its operations. The Reserve Bank of India's directive could further boost the market share of PhonePe and Google Pay. The report also highlights the low market share of indigenous UPI app BHIM. The National Payments Corporation of India has previously expressed similar concerns about the duopoly in the market.
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Walmart's PhonePe launches India app store in challenge to Google | TechCrunch
TechCrunch
·
1y ago
Medial
PhonePe, the Indian fintech company backed by Walmart, has launched its own Android app store to challenge Google's monopoly in India. The Indus Appstore features over 200,000 apps, including those from top brands such as Microsoft, Amazon and Meta, across 45 categories. The app store supports third-party payments and offers a range of unique features, including support for 12 regional languages and around-the-clock customer service. PhonePe plans to monetize the app store by charging developers for app discovery and displaying ads. The move comes as app developers globally push back against Google and Apple's dominance and alleged unfair terms.
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India's mobile payments dilemma | TechCrunch
TechCrunch
·
7m ago
Medial
India's payments regulator is considering capping the market share of Walmart's PhonePe and Google Pay on the UPI platform, which dominates India's mobile payments scene. The proposal limits each firm's UPI transactions to 30%, affecting their growth and market plans. Currently, PhonePe and Google Pay handle 47.8% and 37.1% of UPI transactions, respectively. The decision could benefit other fintech startups and marks significant regulatory intervention in India's booming technology sector.
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Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown | TechCrunch
TechCrunch
·
1y ago
Medial
An Indian parliamentary panel has recommended that the government support domestic fintech players to provide alternatives to PhonePe and Google Pay, which currently dominate the country's digital payments market. The report comes as Paytm, another leading payments firm, faces challenges in its payments bank business. PhonePe holds 46.91% of the UPI market share, while Google Pay controls 36.39%. The report highlights the need for local entities to be promoted in the fintech sector and addresses concerns about the duopoly in the mobile payments market. The National Payments Corporation of India has proposed enforcing a market share check.
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IPO-bound PhonePe, Google Pay maintain UPI ecosystem dominance in May
Economic Times
·
1m ago
Medial
In May, PhonePe and Google Pay maintained dominance in India's Unified Payments Interface (UPI) ecosystem. PhonePe captured about 50% of UPI market volume and value with 8.7 billion transactions worth Rs 12.56 lakh crore. Google Pay handled 6.7 billion transactions amounting to Rs 8.85 lakh crore, securing the second position. Together, these platforms significantly contributed to UPI’s overall transactions, reflecting their leading roles in the country's digital payment landscape.
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Market Share Expansion: NPCI Nudging New UPI Players To Incentivise Consumers
Inc42
·
1y ago
Medial
The National Payments Corporation of India (NPCI) is encouraging new third-party payment apps on Unified Payments Interface (UPI) to invest in and incentivize users. The aim is to reduce the dominance of PhonePe and Google Pay platforms and encourage users to transact on these new platforms. Cred, Slice, Fampay, Zomato, Groww, and Flipkart are among the new entrants aiming to acquire users. However, offering small incentives may not significantly impact market share. The new UPI apps are seeking clarity on the December deadline for market share limits before investing significant capital.
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PhonePe anticipates increased market share: CEO Sameer Nigam on RBI action against Paytm
Economic Times
·
1y ago
Medial
PhonePe CEO Sameer Nigam expects to gain a share of Paytm's user base following regulatory action by the Reserve Bank of India against Paytm Payments Bank. PhonePe saw a 15-20% increase in its user base due to the challenges faced by Paytm. Nigam acknowledged the complexity of the regulatory environment and the importance of regulatory decisions. PhonePe is launching its Indus Appstore on February 21 to challenge Apple and Google's dominance. The deadline to make deposits or recharge accounts with Paytm Payments Bank has been extended to March 15.
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PhonePe, Google Pay cede online payment share to new entrants
Economic Times
·
1y ago
Medial
In June, PhonePe and Google Pay experienced a slight decrease in their share of transactions processed through India's unified payments interface (UPI). PhonePe's share dropped from 48.67% to 48.37%, while Google Pay's portion decreased from 37.18% to 36.76%. The UPI network as a whole processed 13.88 billion transactions in June, with a 1% decline from the previous month. The entrance of new players in the UPI market, including Axis Bank, Navi app, Flipkart, and Jio Financial Services, is challenging the dominance of PhonePe and Google Pay, which currently control over 80% of the market. Paytm retained its 8% share, despite facing regulatory setbacks.
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