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An overview of India’s UPI ecosystem.Image Credits:Macquarie Research
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The National Payments Corporation of India ( NPCI ) , the body overseeing the country ’s widely used Unified Payments Interface ( UPI ) mobile payment system , is going to meet various fintech startup this calendar month to develop a strategy to address the rise market potency of PhonePe and Google Pay in the UPI ecosystem , source familiar with the matter told TechCrunch .
NPCI executive project to forgather with spokesperson from CRED , Flipkart , FamPay and Amazon , among other players , to discuss primal initiatives aimed at boost UPI proceedings on their respective apps , and to realise the assistance they require , the beginning said .
UPI , built by a concretion of Indian banks , has become the most popular elbow room Indians transact online , and the system is tell to serve more than 10 billion transactions a month .
These new meetings are part of a growing effort to address concern elevate by lawgiver and diligence instrumentalist about the market ascendency of Google Pay and PhonePe , which together describe for near 86 % of UPI transactions by volume ( that ’s up from 82.5 % at the end of December ) . Walmartowns more than three - fourths of PhonePe .
Paytm , the third - largest UPI player , had by March 31 ascertain its market share decline to 9.1 % from 13 % at the end of 2023 , followinga clampdown by the Reserve Bank of India(RBI ) .
The conversation comes after the cardinal bank carry its “ displeasure ” to the NPCI over the growing duopoly in the payment infinite , a individual familiar with the issue aver . An NPCI spokesperson declined to comment .
In February , a parliamentary panel recommend the Indian government tosupport the outgrowth of domesticated fintech playersthat can put up alternative to PhonePe and Google Pay .
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The NPCI has long search to limit the market place part of single UPI service provider to 30 % . However , the body recently last yearextended the deadlinefor firms to comply with this directive to the end of December 2024 . The organization faces a singular challenge in enforcing this directive : It believes that itcurrently lack the technical mechanics to do so .
India ’s central camber is also weigh an bonus plan aimed at creating a more prosperous private-enterprise arena for issue UPI player , another person familiar with the matter told TechCrunch . The Economic Times separatelyreportedon Wednesday that the NPCI is encouraging fintech companionship to offer incentives to substance abuser for making UPI transactions on their respective apps .
