Major tech platforms including Amazon, Meta, WhatsApp, CRED, and MobiKwik are meeting India's payments regulator to challenge PhonePe and Google Pay's 80% dominance in the UPI instant payment system. The lobbying reflects frustration over delays in a planned 30% market share cap, deferred to December 2026. Smaller rivals argue they cannot replicate the merchant reach and network effects needed to compete at scale.
Policy
Amazon, Meta join fight to end Google Pay, PhonePe dominance in India
Amazon, Meta, WhatsApp, and smaller fintech platforms lobby India's regulator to enforce a 30% market cap on PhonePe and Google Pay's 80% instant payments duopoly, now delayed to December 2026.
Thursday, April 30, 2026 12:00 PM UTC2 MIN READSOURCE: TechCrunchBY sys://pipeline
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