PhonePe and Google Pay's combined UPI market share has dropped below 80% for the first time, reflecting early progress in NPCI's push to diversify the digital payments ecosystem.
Their market share has dipped to 79%
Jun 17, 2026
03:04 pm
What's the storyFor the first time since the National Payments Corporation of India (NPCI) began publishing app-specific transaction data, PhonePe and Google Pay's combined market share has fallen below 80%.
The two giants together held a whopping 86% of India's Unified Payments Interface (UPI) market in May 2024.
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