India is facing a quandary in enforcing long-delayed rules to curb the dominance of PhonePe and Google Pay in the country’s ubiquitous UPI payments network, which processes over 10 billion transactions monthly.
The National Payments Corporation of India (NPCI), a special unit of the Indian central bank, wants to limit the market share of individual companies in the popular Unified Payments Interface (UPI) system to 30%, a long-delayed effort to curb the dominance of Walmart-backed PhonePe and Alphabet’s Google Pay, which together control over 83% of the growing payments market. However, with rival Paytm now struggling after strict regulatory action, the NPCI faces an acute challenge in bringing down the commanding share of the leading duopoly: It doesn’t know how to.
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