Indian parliamentary panel reports that PhonePe and Google Pay take up 83% of UPI payments in India
A Indian parliamentary sign has exhorted THE government has support THE growth of domestic financial technology players that can provide alternatives has THE Backed by Walmart PhonePe And Google Pay apps that Currently order more that 83% of THE country rapid growth digital Payments market.
THE 58 pages report, which understand A series of recommendations, come has A time When Pay, another leading Payments farm In THE country, East shaken Since A repress on It is Payments bank company.
THE Reserve Bank of India directive last week all but request Pay has cease operations of Pay Payments Bank, which process most of THE transactions For THE financial services farm. THE disturbance has Pay will likely cause THE payment apps walk share In UPI has autumn further has rivals PhonePe And Google Pay, industry executives warned.
PhonePe order 46.91% of THE UPI walk share by volume during THE period of October has November 2023, THE parliamentary Committee on communications And HE wrote In It is report. Google Pay detained A walk share of 36.39% during THE even period, THE report said.
THE walk share by volume of native BHIM UPI was only 0.22%, THE report said. PhonePe And Google Pay likely possess A big walk share of UPI by transaction value.
THE National Payments Company of India, A special unit of THE Indian central bank RBI, has previously Express similar concerns about THE clear duopoly In THE mobile Payments walk In THE South Asian walk. He had earlier propose application A check on THE walk share For players, ensure that No Single player duty process more that 30% of THE UPI transactions In A month.
THE NPCI, which supervises UPI Payments network, In late 2022 extended THE deadline For THE new check has END of 2024. Google Pay And PhonePe assumed less that 80% walk share has THE time When THE NPCI initially propose A check In 2020.
"As India, to focus on 'Do In India' In other sectors, THE Committee are of THE notice that local entities are has be promoted In THE financial technology sector," THE report added.
A Indian parliamentary sign has exhorted THE government has support THE growth of domestic financial technology players that can provide alternatives has THE Backed by Walmart PhonePe And Google Pay apps that Currently order more that 83% of THE country rapid growth digital Payments market.
THE 58 pages report, which understand A series of recommendations, come has A time When Pay, another leading Payments farm In THE country, East shaken Since A repress on It is Payments bank company.
THE Reserve Bank of India directive last week all but request Pay has cease operations of Pay Payments Bank, which process most of THE transactions For THE financial services farm. THE disturbance has Pay will likely cause THE payment apps walk share In UPI has autumn further has rivals PhonePe And Google Pay, industry executives warned.
PhonePe order 46.91% of THE UPI walk share by volume during THE period of October has November 2023, THE parliamentary Committee on communications And HE wrote In It is report. Google Pay detained A walk share of 36.39% during THE even period, THE report said.
THE walk share by volume of native BHIM UPI was only 0.22%, THE report said. PhonePe And Google Pay likely possess A big walk share of UPI by transaction value.
THE National Payments Company of India, A special unit of THE Indian central bank RBI, has previously Express similar concerns about THE clear duopoly In THE mobile Payments walk In THE South Asian walk. He had earlier propose application A check on THE walk share For players, ensure that No Single player duty process more that 30% of THE UPI transactions In A month.
THE NPCI, which supervises UPI Payments network, In late 2022 extended THE deadline For THE new check has END of 2024. Google Pay And PhonePe assumed less that 80% walk share has THE time When THE NPCI initially propose A check In 2020.
"As India, to focus on 'Do In India' In other sectors, THE Committee are of THE notice that local entities are has be promoted In THE financial technology sector," THE report added.
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