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An Native American parliamentary panel has urged the governance to plunk for the emergence of domestic fintech player that can provide alternative to the Walmart - backed PhonePe and Google Pay apps that presently command more than 83 % of the country ’s tight - growing digital payments marketplace .
The 58 - page paper , which includes a serial of recommendation , comes at a time when Paytm , another leading payments house in the country , isreeling from a clampdownon its payments bank business enterprise .
The Reserve Bank of India’sdirective last weekall but need Paytm to discontinue trading operations of Paytm Payments Bank , which process most of the transactions for the financial services house . The disruption at Paytm will likely cause the payment app ’s grocery part in UPI to fall further to rivals PhonePe and Google Pay , industry executives cautioned .
PhonePe commanded 46.91 % of the UPI market share by volume during the menses of October to November 2023 , the parliamentary commission on communication and IT write in its study . Google Pay restrain a securities industry share of 36.39 % during the same period , the report enunciate .
The mart percentage by loudness of autochthonal BHIM UPI was only 0.22 % , the report said . PhonePe and Google Pay probably possess a large market share of UPI by transaction note value .
The National Payments Corporation of India ( NPCI ) , a special unit of measurement of the Indian cardinal bank RBI , has previouslyexpressed similar concernsabout the percipient duopoly in the mobile defrayment food market in South Asia . It had earlier offer enforcing a check on the market place share for player , ensuring that no single histrion shall process more than 30 % of the UPI transactions in a calendar month .
The NPCI , which superintend UPI payments mesh , in recent 2022extended the deadlinefor the newfangled checkout to the last of 2024 . Google Pay and PhonePe wear less than 80 % food market share at the time when the NPCI primitively proposed a check in 2020 .
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“ As India , focus on ‘ Make in India ’ in other sectors , the Committee are of the opinion that local entities are to be promoted in the fintech sector , ” the report add together .
