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

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

By Ashwin Manikandan MUMBAI, July 23 (Reuters) - 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 entrenc...