Amazon and Meta are joining forces to challenge Google Pay and PhonePe's 80% dominance of India's UPI instant payment network, planning regulatory meetings to push for competitive restrictions.
The two tech giants are preparing to meet with Indian regulators to lobby for measures that would limit the market control held by Google Pay and PhonePe.
PhonePe and Google Pay control roughly four of every five UPI transactions in India, the world's largest instant payment network by volume. This concentration has blocked competitors from gaining meaningful market share.
Amazon and Meta's coordinated push reflects growing frustration among global tech companies over their inability to capture significant portions of India's payments sector. Both firms operate digital wallets and payment services that have struggled against entrenched rivals.
Regulatory pressure on dominant payment platforms has intensified in India as policymakers seek to foster competition. The National Payments Corporation of India, which oversees UPI, has previously signaled concerns about market concentration.
A successful regulatory intervention could reshape India's payments landscape, potentially opening pathways for Amazon Pay and Meta's payment initiatives to expand their reach among India's 900+ million internet users.
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