Government's 'Make In India' plan on UPI payment, big concern for Google Pay and PhonePe - Breaking News India Government's 'Make In India' plan on UPI payment, big concern for Google Pay and PhonePe - Breaking News India

Government’s ‘Make In India’ plan on UPI payment, big concern for Google Pay and PhonePe

The Indian government’s ‘Make In India’ initiative, particularly focusing on the Unified Payments Interface (UPI) payment system, has become a significant concern for Google Pay and PhonePe. As part of the initiative, the government aims to promote indigenous manufacturing and production within the country. With a specific emphasis on UPI payments, there’s a push to develop and promote homegrown alternatives to foreign-owned platforms like Google Pay and PhonePe.

Challenge to these major players in India’s

This move poses a challenge to these major players in India’s digital payments space. Google Pay and PhonePe, being foreign-owned platforms, may face increased competition from domestically developed UPI payment solutions. The government’s support for homegrown technologies could potentially lead to regulatory measures or policies favoring indigenous players, creating a more competitive landscape for Google Pay and PhonePe.

Google Pay and PhonePe

For Google Pay and PhonePe, adapting to this evolving scenario might involve investing more in local partnerships, technology development, and compliance with any new regulations aimed at promoting domestic UPI payment solutions. It could also spur innovation and differentiation strategies to maintain their market positions amidst growing competition from Indian counterparts supported by the Make In India initiative

Government's 'Make In India'

After Paytm, the government is giving more emphasis on Indian apps. BHIM UPI is one such app. If you also want to make payment with its help, then you must know about some things.

After the decision of RBI regarding Paytm Payment Bank

After the decision of RBI regarding Paytm Payment Bank, news is continuously coming out. However, it has been made clear by the company that UPI payments are not being stopped from its side. Now after this the government also faces many challenges. Because many apps are available now and it is going to directly benefit the users.

A report had come out some time ag

A report had come out some time ago. It was told that due to this, Google Pay and Phone Pay can gain 15-20% in terms of users. The country’s UPI market is also growing rapidly. Now in such a situation, the maximum emphasis of the government will be on Indian apps. There are many apps available in the market which are Indian, but they are used less. If this happens then ‘Make In India’ will also get a boost.

users in India are on Pay phone

Currently, most of the users in India are on Pay phones. After this comes Google Pay. Whereas the Indian app BHIM UPI is far behind in this matter. In such a situation, this is no less than a challenge for the government system. Now different offers are being given by BHIM UPI. With its help you can make payment. Many changes are also being made in the app.

Many decisions are also being taken to make BHIM UPI user friendly. A recent report also said, ‘From India’s side, emphasis is being laid on ‘Make in India’ in other sectors also. These decisions are being taken to establish the dominance of Indian companies in the fintech sector so that people can get a lot of benefits in the Indian market. If you also use BHIM App, you can get good benefits.

The Indian government’s ‘Make In India’ initiative, particularly focusing on the Unified Payments Interface (UPI) payment system, has become a significant concern for Google Pay and PhonePe. As part of the initiative, the government aims to promote indigenous manufacturing and production within the country. With a specific emphasis on UPI payments, there’s a push to…

The Indian government’s ‘Make In India’ initiative, particularly focusing on the Unified Payments Interface (UPI) payment system, has become a significant concern for Google Pay and PhonePe. As part of the initiative, the government aims to promote indigenous manufacturing and production within the country. With a specific emphasis on UPI payments, there’s a push to…

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