Google, Facebook and Amazon to set up a rival against NPCI
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In an attempt to counter the National Payments Commission of India’s dominance, Google, Facebook and Amazon are reportedly tying up with Indian companies to set up a rival against NPCI. Google and Facebook are said to have approached Reliance Jio, while Amazon is still exploring options. This comes after NPCI said that from January 2021 onwards, there would be a 30% cap on the total volume of UPI transactions through TPAPs.