The move is expected to benefit market leaders Google Pay and PhonePe, which currently dominate the UPI payment market.
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Vijay Shekhar Sharma has focused on improving compliance, cutting costs and recovering market share after the RBI shut down his payments bank last year. The fintech major is yet to recover to its earlier highs, but its turnaround is gathering momentum.
The messaging giant is a minnow when it comes to payments. Relief from NPCI could be just the fillip it needs to finally take on leaders PhonePe and Google Pay.
The fintech company is looking to rebuild its financial services business from scratch amid strong regulatory headwinds and will use the IPO’s proceeds to do so.