India’s Unified Payments Interface (UPI) ecosystem is undergoing a quiet but significant shift. For years, PhonePe and Google Pay dominated the market almost entirely. Now, their combined market share has slipped by over four percentage points in the past year, even as overall UPI usage has grown to record highs. The reason? New players like … Continue reading UPI Shake-Up: Why PhonePe & Google Pay Are Losing Ground — and Who’s Gaining It