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Government’s new plan on UPI Payment, these new apps are coming to compete with foreign apps

The government has made a new plan regarding UPI payment. New decisions are being taken by NPCI to promote fintech apps. A report has also come out regarding this, in which it has been told that officials can also meet the executives of these apps very soon.

New plans are being made by the Government of India regarding UPI. The country’s Unified Payment Interface (UPI) system is considering focusing on fintech startups. In the last few years, many apps have entered India and now emphasis is being laid on giving a new direction to the UPI ecosystem. Today we are going to give you some similar information –

A report has claimed that National Payment Corporation of India (NPCI) has made a plan to meet the executives of apps like Cred, Flipkart, FamPay and Amazon Pay. At present, Google Pay and Phone Pay apps have one-sided rule in the country. But now the focus is being considered to shift to these apps also. Other companies are being considered to increase the market share in the country.

The share of Google Pay and Phone Pay is very high –
Google and Phone Pay have about 86% market share. That means most of the users use these apps only. Whereas the market share of Paytm has also suddenly decreased. By the end of 2023, Paytm’s market share was 13% which has now reduced to 9.1%. However, the big reason behind this is the decision of RBI. But NPCI wants that the share of other apps should also increase in this market.

Decisions are being taken to increase the market share –
According to the report, NPCI is considering how other companies can increase the market share, they can also be given exemption for this. With its help, she can give it to other users also. Due to this, users will also be more interested in it. However, it remains to be seen how these apps promote UPI payments and connect users.
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