These native UPI Apps are failing in front of PhonePe, GPay! Have you heard the name? Now the government is making a rescue plan India is the largest UPI market in the world. But two American companies, PhonePe and Google Pay, are taking maximum advantage of this, because these two UPI companies have control over 70 to 80 percent of India’s UPI market. In such a situation, the government is working on a rescue plan to save the native UPI app.
If we talk about online payment market, PhonePe, Google Pay and Paytm are the biggest players. These three occupy 95 percent of the market. In simple words, if a total of 100 people in the country make UPI payment, then 95 percent of them use Google Pay, PhonePe or Paytm. Due to the ban on Paytm Payment Bank, Paytm users are shifting towards PhonePe and Google. In such a situation, the control of the entire UPI payment market of India will go to two American UPI payment apps Google and PhonePe.
This will be exactly like when two American companies Visa and Mastercard had sole dominance over India’s credit and debit card market. In such a situation, the native Rupay card was launched by PM Modi. After this the dominance of Visa and Mastercard was reduced. Similarly, efforts are being made to reduce the dominance of Phone Pay and Google Pay in the UPI market.
It is not that apart from PhonePe and Google Pay in India, there is no UPI payment app available. There are homegrown UPI payment platforms in India like Tata Neu and Bajaj Pay. Also, many other UPI payment apps are available including Amazon pay. But due to cashback and offers of Phone Pay and Google Pay, UPI apps which entered the UPI market later are not able to make their place.
To reduce the dominance of Google Pay and Phone Pay, a meeting was called by National Payment Corporation of India i.e. NPCI, in which small UPI apps were called, which will help in reducing the dominance of Phone Pay and Google Pay. meet. Google Pay, Phone Pay and Paytm have not been included from this meeting.