India Extends UPI Market Share Deadline, Lets Dominant Platforms Operate Beyond 30% Cap

India's National Payments Corporation has delayed enforcing market share caps on UPI payments by up to two years, giving PhonePe (47.8%) and Google Pay (37%) continued relief from the proposed 30% limit. The extension—the third since 2020—reflects regulatory recognition that artificial consolidation limits may undermine a payments system processing 10+ billion transactions monthly. The two platforms together control roughly 85% of UPI activity.