Amazon, Meta join fight to end Google Pay, PhonePe dominance in India
Amazon and Meta are joining several other fintech platforms in lobbying India's National Payments Corporation of India (NPCI) to address the market dominance of Google Pay and PhonePe on the Unified Payments Interface (UPI) network. The companies are seeking fairer competition by raising concerns over user acquisition practices, access to key features, and monetization challenges within the UPI ecosystem. Despite previous discussions about capping market share, no immediate regulatory changes have been implemented, leaving smaller players struggling to compete with the current leaders.
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Amazon and Meta are among the big companies set to lobby India’s payments body over the dominance of Walmart-owned PhonePe and Google Pay in the country’s fast-growing instant payments network. Executives representing platforms including Amazon Pay, WhatsApp, CRED, MobiKwik, and Flipkart’s Super.money are scheduled to meet the National Payments Corporation of India on Thursday, TechCrunch has learned. The body operates the Unified Payments Interface (UPI), India’s instant payments system that processes billions of transactions each month. The meeting comes over a year after India deferred plans to cap the market share of UPI apps at 30% until December 31, 2026, a measure that would have limited any single app’s share of UPI transactions.
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