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NPCI to delay payments market cap, helping Walmart-backed PhonePe, Google Pay

Economic Times

Economic Times · 1y ago

NPCI to delay payments market cap, helping Walmart-backed PhonePe, Google Pay

India will extend the deadline for implementing caps on market share for digital payments services like Google Pay and PhonePe, according to sources. The National Payments Corporation of India (NPCI) will give an additional two-year extension to the year-end deadline to cap the market share at 30%. PhonePe's market share has increased to 48.3%, while Google Pay's has declined to 37.4%. The two platforms processed a combined 11.5 billion transactions in April. NPCI had originally announced the 30% cap in 2020 but later extended it to the end of 2024.

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Flipkart’s UPI Hits Record 5 Mn Transactions In March

Inc42 · 1y ago

Flipkart’s UPI Hits Record 5 Mn Transactions In March

In March, Google Pay and PhonePe, two of the leading UPI transaction platforms in India, processed 5 billion transactions worth INR 7 lakh crore and 6.5 billion transactions worth INR 10 lakh crore respectively. Flipkart, backed by Walmart, saw 5 million UPI transactions worth INR 197.24 crore in its first month of launching UPI services. Flipkart's UPI transactions were higher than those of Jio Payments Bank apps and other banking apps, according to NPCI data. The total UPI transactions volume for March was around 13 billion. Google Pay, PhonePe, Paytm, CRED, and Amazon Pay continue to dominate the UPI landscape.

India stumped on how to cut PhonePe and Google dominance in payments | TechCrunch

TechCrunch · 1y ago

India stumped on how to cut PhonePe and Google dominance in payments | TechCrunch

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.

NPCI extends proposed 30% UPI market share cap deadline by another two years

Economic Times

Economic Times · 8m ago

NPCI extends proposed 30% UPI market share cap deadline by another two years

The National Payments Corporation of India (NPCI) has extended the deadline for implementing a 30% market share cap on each Unified Payments Interface (UPI) player by two years, now set for December 31, 2026. This extension aims to ensure continued growth in UPI adoption without disrupting current market dynamics. The decision provides leading players like PhonePe and Google Pay—who hold around 90% market share—additional time for compliance. WhatsApp Pay has also been allowed to expand its user base.

Paytm’s UPI Transactions Drop Further In March; PhonePe, GPay Log Gains

Inc42 · 1y ago

Paytm’s UPI Transactions Drop Further In March; PhonePe, GPay Log Gains

Paytm, one of India's leading digital payment companies, experienced a marginal decline in its UPI transactions in March, processing around 1.2 billion transactions. Meanwhile, competitors PhonePe and Google Pay saw an increase in transaction volume. PhonePe recorded 6.5 billion transactions, while Google Pay processed 5 billion transactions. Cred, ranking as the fourth largest UPI app, reported 132 million transactions in March. Paytm has been losing market share in UPI and recently transferred its UPI payments to several major banks. NPCI is monitoring market share dynamics and plans to implement a cap on single payment app market share at 30% by year-end.

ET World Leaders Forum | UPI market share cap not a problem, there is scope for everyone: Google Pay VP

Economic Times

Economic Times · 12m ago

ET World Leaders Forum | UPI market share cap not a problem, there is scope for everyone: Google Pay VP

Ambarish Kenghe, VP of Google Pay, believes that the UPI market has room for multiple players and does not see a challenge with the proposed market share cap. The central government and NPCI had suggested a 30% market share cap to prevent dominance, but enforcing it seems unlikely. PhonePe is currently the largest UPI payment app with 48% market share, followed by Google Pay with 37%. Kenghe also mentioned that Google Pay utilized AI to detect and prevent financial fraud, saving around Rs 12,000 crore last year.

NPCI removes 100-million-users cap on WhatsApp Pay

Economic Times

Economic Times · 8m ago

NPCI removes 100-million-users cap on WhatsApp Pay

The National Payments Corporation of India (NPCI) has lifted the 100-million-user cap on WhatsApp Pay, allowing the platform to onboard all its over 500 million Indian users to its UPI-based payment service. Initially capped at one million in 2020 and raised to 100 million in 2022, the removal aims to foster adoption despite WhatsApp's minimal UPI market share compared to Google Pay and PhonePe. The NPCI's move seeks broader use of WhatsApp Pay in mainstream transactions.

Parliamentary panel flags dominance of foreign-owned UPI apps, urges promotion of local fintechs

Economic Times

Economic Times · 1y ago

Parliamentary panel flags dominance of foreign-owned UPI apps, urges promotion of local fintechs

The parliamentary standing committee on communications and information technology has raised concerns over the high market share of foreign-owned fintech apps in India's Unified Payments Interface (UPI) system. Apps such as PhonePe and Google Pay, owned by Walmart and Google respectively, dominate the Indian fintech sector. The committee recommends promoting local fintech apps, emphasizing the need to focus on 'Make in India' in the fintech sector. The National Payments Corporation of India (NPCI) has also proposed imposing a 30% ceiling on UPI market share by volume after December 31, 2024.

India scrambles to curb PhonePe and Google's dominance in mobile payments

TechCrunch · 1y ago

India scrambles to curb PhonePe and Google's dominance in mobile payments

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.

BHIM looks to bulk up with ONDC to take on digital payment heavyweights

Economic Times

Economic Times · 1y ago

BHIM looks to bulk up with ONDC to take on digital payment heavyweights

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.

NPCI Likely To Extend UPI Market Cap Deadline By Two Years

Inc42 · 1y ago

NPCI Likely To Extend UPI Market Cap Deadline By Two Years

The National Payments Corporation of India (NPCI) is reportedly planning to extend the deadline for implementing a 30% cap on the UPI market share of digital payment platforms. This would be the second time the deadline has been extended, with a final decision expected closer to the deadline. The extension is likely due to concerns that platforms like PhonePe and Google Pay cannot reduce their market shares without impacting UPI payments growth. The move will benefit these two dominant players in the market, who accounted for 86.37% of transactions in April 2024.

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