India to again delay market cap deadline for UPI payment firms

The move is expected to benefit market leaders Google Pay and PhonePe, which currently dominate the UPI payment market.

The National Payments Corporation of India is set to delay the implementation of a 30% market share cap on companies operating in the UPI ecosystem by two years.

Moneycontrol first reported the development that the mobile payments regulator is mulling an extension.

This development is expected to benefit market leaders Google Pay and PhonePe—both currently dominate the UPI payment market. As of April, PhonePe’s market share stands at 48.3%. Meanwhile, Google Pay’s market share has declined to 37.4%. Together, the two giants processed a staggering 11.5 billion transactions last month. Paytm, another competitor, holds a market share of 8%.

After …

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Ujjaini Dutta

Ujjaini writes for Yesterday at The Morning Context. She joins us from MEA WorldWide, where she worked as a sub-editor, and has previously worked as an editorial intern at The Wire’s LiveWire. Ujjaini published her debut novel—Manik-er Khata—in 2022.

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ujjaini@mailtmc.com

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