India stumped on how to cut PhonePe and Google dominance in payments
India is facing a quandary in enforcing long-delayed rules to curb the dominance of PhonePe and Google Pay in the country’s booming digital UPI payments market.
The National Payments Corporation of India (NPCI), a special unit of the central bank, wants to cap market share of any player at 30% in the Unified Payments Interface ecosystem. With Paytm, the third leading player on the UPI charts, fighting for its survival, the NPCI faces a unique challenge to get PhonePe and Google Pay to lower…