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UPI rivals want curbs on PhonePe Google Pay Paytm as NPCI delays key market cap
Technology
Published on 4 May 2026
They want rules that target growth tactics
Smaller third-party UPI players plan to lobby NPCI for new limits on market leaders like PhonePe, Google Pay and Paytm. Their proposals include curbing aggressive user acquisition, tightening monetization and opening merchant services, arguing the long-delayed 30% market share cap hasn’t been implemented. The push could reshape how apps compete for UPI users and merchants.
- Smaller UPI players will propose limits on PhonePe Google Pay and Paytm
- They want restrictions on user acquisition tactics and tougher monetization rules
- Merchant services should be broadened beyond current leaders
- The push is tied to the unimplemented 30% market cap
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times