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Google Pay is the Most Popular UPI App in India, Why Does Big Tech Want to Be Regulated?

Among UPI apps in India, Google Pay leads all others, Razorpay report says. What's behind tech giants' new-found love for government regulation?

 

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Among UPI apps in India, Google Pay leads all others, Razorpay report says.

Pay Leads the Fray: When it comes to UPI apps in India, Google Pay is the clear leader. 59% of UPI transactions in 2019 were done on the Google payments platform, as per a report by fintech firm Razorpay. PhonePe and Paytm follow with 26% and 7% respectively.

 

Meanwhile, Amazon Pay was the most preferred wallet among consumers (33%) last year, followed by Ola Money (17%). Digital payment usage itself rose 338% while the usage of cards and net banking saw a decline (by 46% and 11% respectively). BS

 

What's behind tech giants' new-found love for government regulation?

Chain Us to Free Us: Alphabet, Microsoft, Facebook and Apple - these are some of the major tech firms whose leaders have come out in support of government regulation of the tech industry. This push towards embracing government intervention was evident in the recently concluded World Economic Forum in Davos. And it may not only be the result of "for-the-greater-good" thinking that CEOs have stated. As government and public backlash against big tech grows across the world, top executives might be sensing that new regulation is inevitable. By endorsing their companies being regulated, they may be looking to steer the outcome as much as possible in a direction more favourable to their firms. WSJ

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