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American Focus > Blog > Tech and Science > India again delays rules to break PhonePe-Google Pay duopoly
Tech and Science

India again delays rules to break PhonePe-Google Pay duopoly

Last updated: December 31, 2024 3:23 am
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India again delays rules to break PhonePe-Google Pay duopoly
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India extends deadline for implementing cap on big tech companies’ control of digital payments

The National Payments Corporation of India has once again delayed the implementation of a plan to limit big technology companies’ control of the nation’s digital payments system. The regulatory uncertainty surrounding this issue has been a concern for the sector for several years.

The deadline for implementing a 30% cap on any individual app’s share of transactions on the Unified Payments Interface (UPI) has been extended to December 31, 2026. This decision provides temporary relief to major players like Walmart-backed PhonePe and Google Pay, who currently dominate the UPI ecosystem with over 85% of transactions.

UPI, which processes over 13 billion transactions monthly, is a critical component of India’s digital economy. However, the regulator has been facing challenges in finding a way to enforce market share restrictions without disrupting services for millions of users who rely on these payment apps daily.

WhatsApp’s mobile payments service has also received a green light, allowing the Meta-owned app to launch WhatsApp Pay to its 500 million-plus users in the South Asian market.


Source: JS

Discussions with industry leaders throughout the year have not yielded a feasible solution to enforce the market share limits without compromising the user experience. The initial proposal for these limits was made in 2020, with a deadline that has now been extended to 2026.

For PhonePe, the extension of the deadline provides clarity as the company considers plans for an initial public offering. The regulatory uncertainty surrounding market share caps has been a significant obstacle for their IPO timeline.

See also  Ozempic-Type Drugs May Trigger Brain Changes Linked to Depression : ScienceAlert

The UPI network has revolutionized digital transactions in India, offering a seamless way for users to make payments for a variety of services, from street vendors to taxi fares.

TAGGED:BreakdelaysduopolyIndiaPayPhonePeGooglerules
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