The move is expected to benefit market leaders Google Pay and PhonePe, which currently dominate the UPI payment market.
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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.
The Rs 24,700 crore waiver does come as a relief to the heavily indebted telecom operator. But it has more things to worry about.