Amazon and Meta Lobby to Break PhonePe–Google Pay 80% UPI Market Share
Walmart-owned PhonePe and Google Pay processed about 80% of the Unified Payments Interface’s 22.6 billion transactions in March, with PhonePe reporting 700 million users and 50 million merchants. Amazon Pay, WhatsApp, CRED, MobiKwik and Flipkart’s Super.money will lobby India’s National Payments Corporation on Thursday to curb this duopoly.
1. Market Dominance of PhonePe and Google Pay
PhonePe and Google Pay together handled roughly 80% of UPI’s 22.6 billion transactions in March. PhonePe has surpassed 700 million registered users and onboards over 50 million merchants, covering more than 98% of India’s postal codes and creating high entry barriers for rivals.
2. Coalition Lobbies NPCI
Executives from Amazon Pay, WhatsApp, CRED, MobiKwik and Flipkart’s Super.money are set to meet the National Payments Corporation on Thursday to challenge PhonePe and Google Pay’s practices. Proposed remedies include restrictions on user onboarding methods, fair access to autopay and payment mandates, plus incentives to support emerging players.
3. Regulatory Delay and Uncertain Outcomes
India deferred its 30% cap on any single UPI app until December 31, 2026, enabling the duopoly to persist. NPCI faces pressure to address market concentration without disrupting services for hundreds of millions of users, leaving immediate regulatory changes uncertain.