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

Major tech companies including Amazon and Meta are lobbying India's payments regulator to address market concentration in the UPI instant payments system, where PhonePe and Google Pay control approximately 80% of transactions. The regulatory body faces pressure to implement competitive safeguards around user acquisition, data access, and feature availability, though previous market-share cap proposals have been delayed and enforcement challenges remain. This represents a critical juncture for fintech infrastructure governance that could reshape competitive dynamics in one of the world's largest digital payments markets.