Why Parliamentary panel report may mean ‘bad news’ for Google Pay and PhonePe
A Parliamentary panel report has flagged the large market share of foreign-owned fintech apps in the Indian market. The Parliamentary standing committee on communications and information technology has flagged dominant presence of apps such as Walmart-owned PhonePe and Google-owned Google Pay in the Unified Payments Interface (UPI) segment. The standing committee has recommended the government to promote local apps.“The committee notes that fintech companies, apps and platforms such as PhonePe and Google Pay owned by foreign entities dominate the Indian fintech sector,” the house panel said in a report tabled in Parliament.The UPI market share was 36.39% for Google Pay…
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