pay-PhonePe: sleepless night Google Pay, PhonePe's, center on new decisions on the market
Own report: UPI has become popular among Indian citizens with the increase in digital transactions. Its popularity is increasing day by day due to the facility of transferring money based on QR code scan, mobile number or UPI ID very easily. Also now various UPI apps are offering so many new services to the customers which is unmatched.
But if you look at it, you can see that 80% of the UPI app users in India are only on Google Pay, PhonePe. All these foreign companies are crowded with other foreign companies as well as domestic UPI companies. But this time the center is going to take such a measure that the power of companies like Google Pay, PhonePe can be reduced.
Already after the Reserve Bank of India's ban on Paytm, a large amount of the market in India has gone blank again. And all these empty markets are up and down to occupy. Google Pay, PhonePe. It is believed that if a large share of the market goes to them, their dominance will increase. But the center is going to choose a new way so that the dominance does not increase in the hands of foreign companies.
According to sources, the central government does not want the two US companies to have a large share of India's UPI market. In view of this, it is known through sources that they are planning to bring down the domestic market of foreign fintech companies to 30 percent. And if this is the case, the Indian companies will also get the right to a large part of the 10 billion rupees that are transacted through the UPI app in India every month.
It is known that the parliamentary committee has already recommended to the center on this matter. If such a step is taken in any direction, Tata Pay, which is about to be launched in the Indian market, along with Jio Pay, which is in the market, will have many opportunities to do business. On the other hand, if such steps are taken by the government, the dream of building a self-reliant India that Prime Minister Narendra Modi is seeing will expand further.
