PhonePe Continues to Dominate UPI Leaderboard

Fintechs Navi and Super.money were the fourth- and fifth-largest at 1.77 per cent and 0.94 per cent, respectively.

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The dominance of PhonePe and Google Pay comes when NPCI is tasked with balancing the market by capping any player's market share at 30 per cent and there are calls for the UPI to have a reasonable merchant discount rate (MDR).

NPCI was expected to cap the market share of players by the end of last calendar year. However, it extended the deadline for a second time by another two years to 2026.

Interestingly, in the runup to that year, the apex retail payments body issued a record 20 third-party payment application (TPAP) licences to players.

The industry attributed this to the process of diluting the market share of leading players and promoting its distribution among smaller firms.