#DuoPoly: Policy makers are not happy that 80% of UPI transactions are being done through PhonePe and Google Pay

While there are over 50 third-party UPI apps, PhonePe and Google Pay account for over 81% of the volume and 84% of the transaction value.

  • Indian MPs are reportedly planning on raising the issue of duopoly in the upcoming monsoon session of the parliament.
  • The guidelines issued by the National Payments Corporation of India (NPCI) had capped the market share for third-party apps at 30%.