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The National Payments Corporation of India (NPCI), a special unit of the Indian central bank, wants to limit the market share of individual companies in the popular Unified Payments Interface (UPI) system to 30%, a long-delayed effort to curb the dominance of Walmart-backed PhonePe and Alphabet’s Google Pay, which together control over 83% of the growing payments market.
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Industry executives said the only way for PhonePe and Google Pay to comply with the 30% cap is to stop adding new users. In the meantime, PhonePe continues to spend on marketing to acquire more share.
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