New Delhi, May 9 -- Representatives from the United Payments Interface (UPI) ecosystem convened with senior Reserve Bank of India (RBI) officials on Wednesday, advocating for regulatory measures that would make UPI transactions more financially viable, especially for smaller service providers.
A key issue raised was the dominance of major players like Google Pay (47 per cent market share) and PhonePe (37 per cent), creating challenges for smaller competitors to gain traction.
The closed-door meeting included RBI Governor Shaktikanta Das, Deputy Governor T. Rabi Sankar, executives from the National Payments Corporation of India (NPCI), banks, third-party app providers, and technology service providers.
Smaller UPI entities proposed the...