India Again Delays Rules To Break Payments Duopoly (techcrunch.com)
(Wednesday January 01, 2025 @03:30PM (msmash)
from the tough-luck dept.)
- Reference: 0175813679
- News link: https://news.slashdot.org/story/25/01/01/1858248/india-again-delays-rules-to-break-payments-duopoly
- Source link: https://techcrunch.com/2024/12/31/india-again-delays-rules-to-break-phonepe-google-pay-duopoly/
India has once again pushed back a contentious plan to [1]limit major technology companies' control of the nation's digital payments system, extending a regulatory uncertainty that has weighed on the sector for years. From a report:
> The National Payments Corporation of India said on Tuesday it would extend the deadline for implementing a 30% cap on any individual app's share of transactions on the Unified Payments Interface, or UPI, the country's ubiquitous digital payments network, to December 31, 2026.
>
> The decision provides temporary relief to Walmart-backed PhonePe and Google Pay, which together handle more than 85% of transactions on UPI. The network, which processes over 13 billion transactions monthly, has become the backbone of India's digital economy since its launch eight years ago.
[1] https://techcrunch.com/2024/12/31/india-again-delays-rules-to-break-phonepe-google-pay-duopoly/
> The National Payments Corporation of India said on Tuesday it would extend the deadline for implementing a 30% cap on any individual app's share of transactions on the Unified Payments Interface, or UPI, the country's ubiquitous digital payments network, to December 31, 2026.
>
> The decision provides temporary relief to Walmart-backed PhonePe and Google Pay, which together handle more than 85% of transactions on UPI. The network, which processes over 13 billion transactions monthly, has become the backbone of India's digital economy since its launch eight years ago.
[1] https://techcrunch.com/2024/12/31/india-again-delays-rules-to-break-phonepe-google-pay-duopoly/
Simple answer (Score:3)
by garyisabusyguy ( 732330 )
National Payments Corporation of India Key people
Narendra Modi
(Non-Exe Chairman)
Don't expect anything to change
Yeah and much more importantly (Score:4, Interesting)
We're still waiting for the ENTIRE WORLD to [1]break the obscene worldwide EMVCo duopoly [economist.com].
[1] https://www.economist.com/finance-and-economics/2022/08/17/can-the-visa-mastercard-duopoly-be-broken