Newsletter
Amazon and Meta are planning to step into India’s payments battle, joining other fintech players to challenge the dominance of PhonePe and Google Pay.
What’s happening: executives from Amazon Pay, WhatsApp, CRED, MobiKwik, and Super.money are planning to meet NPCI, which runs UPI, the system behind billions of transactions every month.
The concern is market concentration.
Together, they handled nearly 80% of the 22.6 billion UPI transactions in March, leaving smaller players far behind.
The meeting comes after a proposed 30% cap on UPI market share was delayed to December 2026, a move that would have limited any single app’s share.
The delay gave PhonePe and Google Pay more time to strengthen their hold.
Now, rivals are raising issues around user acquisition, product design, and monetisation, essentially questioning how level the playing field really is.
