NPCI caught between managing UPI growth, curbing dominance of few players

Experts say the dominance of certain players is a factor of the overall preference of consumers as to which app they are using for making different transactions

Walmart-backed PhonePe is seeing its market share increase each month in terms of the volumes of transactions on the Unified Payments Interface (UPI) platform.

This comes at a time when National Payments Corporation of India (NPCI) is working to reduce the concentration risk in the ecosystem owing to the dominance of few large players.

On the contrary, PhonePe’s biggest competitor — Google Pay — has seen a decline in its market share since August last year.

According to the latest data released by NPCI, PhonePe processed 46 per cent of the transactions on the platform in June. On the other