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.