Indiaโs UPI Fee Shift Could Cement PhonePe and Google Payโs Lead
Indiaโs new merchant fee regime for UPI transactions above Rs 2,000 is poised to deepen the moat around the countryโs largest payment apps, with Bernstein estimating PhonePe and Google Pay could together generate about $900 million annually by March 2028. The policy may also accelerate expansion into rural markets, while nudging smaller rivals toward higher-value transactions and thinner niches.
