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Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown | TechCrunch

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Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown | TechCrunch

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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