India is at a loss as to how to break down PhonePe and Google's dominance in payments

India is facing a tough time implementing long-delayed rules to curb PhonePe and Google Pay's dominance over the country's ubiquitous UPI payments network, which processes more than 10 billion transactions every month.

The National Payments Corporation of India (NPCI), a special arm of the central bank, wants to limit the market share of any player in the Unified Payments Interface ecosystem to 30%. While Paytm, which ranks third in the UPI charts, is fighting for survival, NPCI faces the unique challenge of losing market share to his PhonePe and Google Pay. I don't know how to do that.

NPCI officials believe there are technical barriers to achieving the goal and have been soliciting ideas from industry players in recent quarters, two people familiar with the matter said. NPCI, which has delayed implementation of the rule until 2024, declined to comment Tuesday.

That dilemma came to the fore again last week when a parliamentary committee asked New Delhi to support domestic fintech companies to counter the dominance of PhonePe and Google Pay. This comes after the central bank directed No. 3 Paytm to suspend some operations of Paytm Payments Bank, an affiliated entity that processes transactions for the financial services group. .

India's real-time digital payments system UPI has fundamentally transformed India's payments landscape since its introduction in 2016. The UPI network has approximately 500 banks, 70 million merchants, and a monthly transaction volume of over 10 billion.

NPCI initially proposed market share checks to reduce systemic risks and “facilitate all transactions within the UPI ecosystem” (PDF).

Image credit: Macquarie

Brokerage firm Macquarie on Tuesday slashed Paytm's 12-month price target over concerns that customers as well as lending partners could leave the platform. Macquarie said his price target suggests a valuation of Paytm at $2.1 billion (considering Paytm's cash balance of $1 billion), adding that the Noida-headquartered company is in a “survival” position. We are fighting,” he said.

Paytm's further loss of market share will benefit the top two players, industry executives have warned. Citing official data, the parliamentary committee said that PhonePe gained a market share of 47% and Google Pay 36% in October-November 2023.

Industry executives said the only way for PhonePe and Google Pay to comply with the 30% cap is to stop adding new users. Meanwhile, PhonePe continues to spend on marketing to gain more share.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos