PhonePe, Google Pay creating a duopoly in India’s UPI space? NPCI to check

The National Payments Corporation of India (NPCI) will engage with fintech startups in April to address the growing market dominance of PhonePe and Google Pay in the Unified Payments Interface (UPI) ecosystem, according to a report by TechCrunch.

NPCI is reaching out amid concerns about the market share concentration of Google Pay and PhonePe, which together account for nearly 86 per cent of UPI transactions by volume.

PhonePe has signed several agreements to promote UPI payments in Nepal, Singapore, and the United Arab Emirates. Earlier this year, Google Pay also signed an agreement with NPCI to expand UPI for international payments.