PhonePe, Google Pay combined UPI share dips below 80% ahead of NPCI market-cap deadline
The two giants' combined UPI dominance fell to 79% in May 2026, the first time under 80%, as NPCI's 30% per-app cap looms in December 2026. Smaller players BHIM, Navi and super.money are gaining ground in a market handling 23 billion monthly transactions worth ₹30 lakh crore.
PhonePe and Google Pay's combined UPI share fell below 80% for the first time (79% in May 2026), ahead of NPCI's December 2026 deadline for a 30% per-app cap. Smaller players like BHIM, Navi and super.money are gaining ground.