News on Medial

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

Startup News FYIStartup News FYI Ā· 10m
Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown

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.

Comments

Download the medial app to read full posts, comements and news.