Indian payments firms oppose one-click UPI checkout proposal, citing competition risks

MUMBAI, July 23 : Several Indian digital payments firms have opposed a proposal that would allow merchants to store customers' preferred Unified Payments Interface option for one-click checkouts, arguing it could entrench the dominance of the bigger payment apps.In a July 23 letter reviewed by Reuters, the companies told the National Payments Corporation of India (NPCI), which oversees the UPI network, that the proposal could "adversely impact" competition.The signatories include Paytm, Meta-backed CRED, Flipkart's Super.money, among others.NPCI and the companies did not immediately reply to Reuters' requests for comments. UPI processed over 227 billion transactions worth more than 28 trillion rupees ($289.94 billion) in June, according to NPCI data, making it one of the world's most widel