Fintechs Tell NPCI Its 'Default App' Plan Could Kill Competition

Paytm (NSE: PAYTM) and Meta-Backed CRED Push Back Against One-Click UPI Checkout Plan Over Dominance Fears

Paytm (NSE: PAYTM), Meta-backed CRED, and Flipkart’s Super.money are among several Indian digital payments companies opposing a proposal that could reshape how customers complete transactions on the Unified Payments Interface network. The firms signed a letter dated July 23 addressed to the National Payments Corporation of India (NPCI), the body that oversees the UPI network, warning that the proposal could “adversely impact” competition across …

Smaller UPI players seek wider consultation on NPCI’s UPI Meta, warn of market concentration risks

NPCI is targeting a launch around the Global Fintech Fest later this year as it looks to make UPI payments as seamless as tokenised card transactions, particularly amid the expected entry of Apple Pay into India

Fintechs tell NPCI its 'default app' plan could kill competition

Seven Indian fintech firms have written to NPCI regarding its UPI Meta protocol. They argue the proposed framework risks locking customers into a single default payment app. This change could adversely impact competition and innovation within the digital payments ecosystem. The companies request broader consultation before NPCI proceeds with the framework. They believe the current UPI checkout flow does not require such a significant alteration.

Indian payments firms oppose one-click UPI checkout proposal, citing competition risks

Several Indian digital payments firms have opposed a proposal that would allow merchants to store customers' preferred Unified Payments Interface ​option for one-click checkouts, arguing it could entrench the dominance ‌of the bigger payment apps.

Small UPI Players Oppose NPCI's UPI Meta Framework

The competition for India's purchasing screen is intensifying prior to the transaction's completion. The National Payments Corporation of India (NPCI) has been asked by smaller UPI apps to reconsider its proposed UPI Meta framework. Additionally, they cautioned that this development could further advantage industry heavyweights Google Pay and PhonePe. Several UPI payment apps have joined together to send NPCI a joint representation.Accordingly, …