Amazon, Meta join fight to end Google Pay, PhonePe dominance in India

Amazon and Meta are among several large platforms meeting India’s payments regulator (NPCI) to challenge the dominance of PhonePe and Google Pay on the UPI instant-payments network. The meeting seeks restrictions on dominant apps’ user-acquisition and data practices, fair access to features, and regulatory support for smaller rivals. PhonePe and Google Pay together accounted for roughly 80% of 22.6 billion UPI transactions in March; PhonePe says it has 700 million registered users and 50 million merchants. The article highlights policy friction — including a deferred 30% market-share cap through Dec. 31, 2026 — that affects competition and could prompt regulatory changes with material market impacts.