•1 min read•from TechCrunch
Amazon, Meta join fight to end Google Pay, PhonePe dominance in India
Our take
Amazon and Meta are stepping into the competitive landscape of India's digital payments, aiming to challenge the dominance of PhonePe and Google Pay, which currently control 80% of the Unified Payments Interface (UPI) market. As rivals prepare to meet with regulators, they seek to advocate for restrictions that could level the playing field. This strategic move highlights the evolving nature of the Indian fintech sector, where innovation and collaboration could reshape the future of instant payments and enhance user choices in digital transactions.
PhonePe and Google Pay command 80% of India's UPI instant payments network. Rivals are set to meet with regulators to lobby for restrictions.
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