India to delay payments market cap, helping Walmart-backed PhonePe, Google Pay

QR codes of digital payment firms PhonePe and Paytm are seen on the counter of a grocery store in Ahmedabad, India, February 5, 2024. — Reuters picMUMBAI, May 9 — India will again delay caps on market share for a popular digital payments method, two sources told Reuters, benefiting Google Pay and Walmart-backed PhonePe as the authorities prioritise growth over concerns about market concentration.

Because they cannot charge for it, India’s banks and others like Meta-owned WhatsApp and Amazon Pay have not pushed UPI-based payments aggressively, leaving authorities worried about a concentration risk. A final decision on the extension will be communicated closer to the deadline, said the sources, who asked not to be identified because they are not allowed to speak to the media.

Payment firms want the market-share cap removed, asking NPCI to let them charge for UPI payments to encourage competition, said an official at a payment company.

Phonepe Google Pay INDIA National Payments Corporation Of India

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