National Payments Corporation of India (NPCI), which reports to India’s central bank, is considering increasing the market share that UPI operators are allowed to hold to more than 40%, the two people said, requesting anonymity due to the sensitive nature of the information. The regulator had previously proposed a 30% market share limit to encourage competition in the space.
UPI has become the most widely used way people send and receive money in India, and the mechanism processes over 12 billion transactions a month. Walmart-backed PhonePe commands roughly 48% market share by volume and 50% by value, while Google Pay holds a 37.3% share by volume.