Smaller UPI players seek wider consultation on NPCI's UPI Meta, warn of market concentration risks

Smaller UPI payment apps are calling on India's NPCI to reconsider UPI Meta, a tokenisation layer that would let users save their preferred UPI app on merchant platforms, arguing it entrenches dominance of PhonePe (45% volume) and Google Pay (33%) by shifting consumer choice from per-transaction to one-time onboarding.

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