India’s quest to fix its payments puzzle
- Amid suspicion about foreign firms and a new 30% market share cap in UPI, fintech is headed for upheavals
- The recent moves have evoked analogies with the licence raj and prove how vexatious internet regulation in India is becoming. Critics say the 30% cap is arbitrary
BENGALURU : The debate around how to regulate internet businesses in India is being increasingly defined by worries over national sovereignty. And because of the phenomenon of network effects—and sheer money power—many internet spaces in India, including email, messaging, social networking, video streaming and e-commerce, are dominated by American platforms, chiefly Amazon, Facebook and Google.
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