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Policy● Neutral for PhonePe
UPI market-share cap faces enforcement hurdle as PhonePe, Google Pay retain nearly 80%
The brief
- PhonePe and Google Pay retain nearly 80% of UPI market share
- The latest deadline for the cap is December 31, 2026
- Enforcement may affect PhonePe and Google Pay’s UPI shares and competition for listed payments firms such as Paytm