New Delhi, Mar 4 (KNN) The Payments Council of India (PCI), representing major payment companies under IAMAI (Internet and Mobile Association of India), calls for government intervention to address monopolistic practices by large multinational corporations.

Vishwas Patel, Chairman of PCI and Joint Managing Director of Infibeam Avenues, has urged the Indian government to amend laws, akin to South Korea and the European Union, to safeguard Indian startups and RBI-regulated payment aggregators from Google's monopolistic behaviour.

South Korea's 2022 amendment to the telecommunications business act and the EU's Digital Markets Act serve as models to protect local startups from Big Tech monopolies, Patel added.

Concerns arise as numerous startups shift payment gateways from Android apps to websites to comply with Google's policies, potentially impacting transaction volumes.

Patel highlights how certain merchants are deactivating payment gateways on Android apps to avoid Google fees, leading to a decline in real-time transactions. He asserts Google's abuse of its dominant position in India's mobile operating system market.

Tensions escalated when Google delisted multiple consumer internet firms from the Android app store for violating payment policies. While some apps were reinstated over the weekend, they had to remove payment functionalities to comply with Google's requirements.

Industry experts warn of potential drops in digital payment volumes and customer conversion due to these actions. In many cases, consumers may not transition from apps to websites for purchases, raising concerns about the broader impact on the digital payment ecosystem.

(KNN Bureau)