https://techcrunch.com/2024/02/12/india-stumped-on-how-to-cut-phonepe-google-dominance-in-upi-payments/

India is facing a quandary in enforcing long-delayed rules to curb the dominance of PhonePe and Google Pay in the country’s ubiquitous UPI payments network.

The National Payments Corporation of India (NPCI), a special unit of the central bank, wants to cap market share of any player at 30% in the Unified Payments Interface ecosystem. With Paytm, the third leading player on the UPI charts, fighting for its survival, the NPCI faces a pressing unique challenge in getting PhonePe and Google Pay to lower their market share: It doesn’t know how to.