TIME TO REFORM INDIA’S FINANCIAL REGULATORY WATCHDOGS: A BRIEF ENQUIRY INTO THE UPI MONOPOLY

Abstract

This brief work enumerates and analyses India’s UPI ecosystem along with its legal and financial framework. Due to the evolution of the speedy internet, besides the two foreignbacked TAPAs, it dominates the retail payment market controlling nearly 80 percent of the Indian digital economy. The paper is categorised into two units. Unit I deals with the srcutinisation of Section 4 of the Competition Act and the hegemonical attitude of the two predominant TAPAs. Unit II focuses on the welfare of the consumers and the small merchants affected by the new UPI-MDR rules. Furthermore, this brief study addresses the negative impact of the usage of the internet intertwined with the UPI payments on human behaviour. In conclusion, the author attempts to give a human-centric solution of proper use of UPI payments via bank