These native UPI apps are failing in front of PhonePe, GPay! Have you heard their name?
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These native UPI apps are failing in front of PhonePe, GPay. Now the government is making a rescue plan. India is the largest UPI market in the world. But two American companies PhonePe and Google Pay are taking maximum advantage of this, because these two UPI companies have control over 70 to 80 percent of India’s UPI market. In such a situation, the government is working on a rescue plan to save the native UPI app.
American companies occupy UPI market
If we talk about online payment market, PhonePe, Google Pay and Paytm are the biggest players. These three occupy 95 percent of the market. In simple words, if a total of 100 people in the country make UPI payment, then 95 percent of them use Google Pay, PhonePe or Paytm. Due to the ban on Paytm Payment Bank, Paytm users are shifting towards PhonePe and Google. In such a situation, the control of the entire UPI payment market of India will go to two American UPI payment apps Google and PhonePe.
It would be exactly like when two American companies Visa and MasterCard had sole dominance over India’s credit and debit card market. In such a situation, Desi RuPay Card was launched by PM Modi. After this the dominance of Visa and MasterCard diminished. Similarly, efforts are being made to reduce the dominance of Phone Pay and Google Pay in the UPI market.
You might not have heard the name of these apps
Apart from PhonePe and Google Pay, there is no UPI payment app available in India. India has homegrown UPI payment platforms like Tata New and Bajaj Pay. Also, many other UPI payment apps are also available including Amazon Pay. But due to cashback and offers of Phone Pay and Google Pay, UPI apps which entered the market later are not able to make their place.
To reduce the dominance of Google Pay and Phone Pay, National Payment Corporation of India i.e. NPCI had called a meeting, in which small UPI apps were called, which will help in reducing the dominance of Phone Pay and Google Pay. Google Pay, Phone Pay and Paytm have been excluded from this meeting.
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