India Delays Cap on UPI Payment Platforms, Keeps PhonePe and Google Pay in the Lead

India has extended its deadline for enforcing a 30% market share cap on UPI payment platforms—the third postponement since 2020. PhonePe and Google Pay, which together handle roughly 85% of UPI transactions, get continued relief. The delay suggests regulators accept that strict limits might hurt a system processing over 10 billion monthly transactions.