Indian Parliamentary Panel Red-Flags PhonePe and Google Pay Cornering 83% of India’s UPI Payments
By Manish Singh
An Indian parliamentary panel has urged the government to support the growth of domestic fintech players that can provide alternatives to the Walmart-backed PhonePe and Google Pay apps that currently command more than 83% of the country’s fast-growing digital payments market.
The 58-page report, which includes a series of recommendations, comes at a time when Paytm, another leading payments firm in the country, is reeling from a clampdown on its payments bank business.
Photo courtesy of Ashwini Chaudhary.