Looking to break the duopoly of PhonePe and Google Pay in digital payments: RBI Deputy Governor

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Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar stated that the central bank was considering addressing issues related to the duopoly of Walmart-owned PhonePe and Alphabet-owned Google Pay in the Unified Payments Interface (UPI) space.

“When it comes to UPI, roughly 80% of transactions are concentrated in just two entities… The United States is currently addressing the issue of big tech dominance. We are also looking at Europe to see how we can more effectively incorporate them (norms to address issues) into the payments system in complete synergy with regulatory objectives,” Sankar said. He made the remarks on the sidelines of the US-India Business Council’s India Ideas Summit (USIBC). Sankar also stated that the central bank was committed to fostering innovation in the fintech sector in order to boost local startups and businesses.

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Looking to break the duopoly of PhonePe and Google Pay in digital payments: RBI Deputy Governor

Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar stated that the central bank was considering addressing issues related to the duopoly of Walmart-owned PhonePe and Alphabet-owned Google Pay in the Unified Payments Interface (UPI) space.

“When it comes to UPI, roughly 80% of transactions are concentrated in just two entities… The United States is currently addressing the issue of big tech dominance. We are also looking at Europe to see how we can more effectively incorporate them (norms to address issues) into the payments system in complete synergy with regulatory objectives,” Sankar said. He made the remarks on the sidelines of the US-India Business Council’s India Ideas Summit (USIBC). Sankar also stated that the central bank was committed to fostering innovation in the fintech sector in order to boost local startups and businesses.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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