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The National Payments Corporation of India (NPCI), the body overseeing the country’s widely used Unified Payments Interface (UPI) mobile payment system, is going to meet various fintech startups this month to develop a strategy to address the growing market dominance of PhonePe and Google Pay in the UPI ecosystem.
India’s central bank is also weighing an incentive plan aimed at creating a more favorable competitive arena for emerging UPI players, another person familiar with the matter told TechCrunch. The Economic Times separately reported on Wednesday that the NPCI is encouraging fintech companies to offer incentives to users for making UPI transactions on their respective apps.
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