Tech giants Amazon and Meta are collaborating to challenge the dominance of Google Pay and PhonePe in India’s UPI payments market.
Amazon and Meta are teaming up with other companies to contest the stronghold of Google Pay and PhonePe in India’s UPI payments network. They plan to meet with regulators to advocate for restrictions on these leading platforms. [source]
Currently, PhonePe and Google Pay hold 80% of the UPI instant payments market in India. This dominance has raised concerns among competitors about limited competition and potential monopolistic practices. [source]
The upcoming meeting with regulators aims to discuss measures that could ensure a more competitive environment in the digital payments sector. Details of the proposed restrictions have not yet been revealed. [source]
PhonePe and Google Pay command 80% of India’s UPI instant payments network.
Sources
- https://techcrunch.com/2026/04/29/amazon-meta-join-fight-to-end-google-pay-phonepe-dominance-in-india/ — Details on Amazon and Meta’s actions against Google Pay and PhonePe in India.