Amazon and Meta are spearheading a formidable lobbying effort to curtail the overwhelming market share held by Walmart-owned PhonePe and Google Pay in India’s burgeoning instant payments network. Executives from Amazon Pay, WhatsApp, CRED, MobiKwik, and Flipkart’s Super.money are set to meet the National Payments Corporation of India (NPCI), the body overseeing the Unified Payments Interface (UPI).

This meeting follows India’s deferral of a 30% market cap on UPI apps until December 31, 2026, a decision that has allowed PhonePe and Google Pay to maintain their combined 80% share of UPI transactions. Smaller players are increasingly concerned about their ability to compete. Key proposals include restrictions on dominant apps’ user acquisition, fair access to features like autopay and payment mandates, and regulatory support for emerging competitors.

While Amazon and Meta push for a more equitable playing field, the NPCI faces the complex challenge of curbing Google Pay PhonePe dominance India without disrupting a system used by hundreds of millions. The outcome of these discussions remains uncertain, but the battle for India’s digital payments future is intensifying.