Exclusive: India to again delay caps on UPI payments market share

QR codes of digital payment firms PhonePe and Paytm are seen on the counter of a grocery store in Ahmedabad, India, February 5, 2024. REUTERS/Amit Dave

PhonePe's share of UPI payments has risen to 48.3% from 37% in April 2020, while Google Pay's share has declined to 37.4% from 44%, according to NPCI data. The two processed a combined 11.5 billion transactions in April, the data showed.India launched UPI in 2016 but barred companies from charging for the instant digital payments service in an effort to promote online transactions and reduce the use of cash in Asia's third-largest economy.

The deadline will have to be extended again, said one of the sources, as it is not possible for PhonePe and Google Pay to reduce their market shares without hurting UPI payments growth.

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