Friday, 24 March, 2023

MPs raise issue of Google Pay, PhonePe's monopoly in UPI market in Parliament

<p>Regulators and even lawmakers are growing concerned of a significant duopoly in the industry and that too of foreign-owned firms as payments through multiple UPI apps quickly become the routine of the day. Several dozen UPI apps were registered in India as of the end of June 2022, as per the most recent data from the National Payments Corporation of India (NPCI). They collectively accounted for 5.8B transactions worth a total of more than Rs 10 lakh Cr during the month.</p>