Despite the economic contraction due to the COVID-19 pandemic, mobile payments accelerated since 2019 in India. Popular payments services in India are overlaid on the Unified Payments Interface, or UPI, a banking industry sponsored protocol that lets people link their bank accounts with their phone numbers through payment apps.
India’s mobile payments landscape features Google Pay, Walmart-owned PhonePe, Alibaba-backed Paytm, Amazon Pay and Facebook’s WhatsApp. PhonePe and Google Pay have tightened their grip on UPI payments, but this rapid growth has entailed high amounts of cash burn due to the absence of traditional payment revenues.
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