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Big to get bigger: India's UPI fee shift to entrench dominant incumbents

PhonePe and Google Pay could earn about $900 million annually from Indias new UPI merchant fee regime by March 2028, according to Bernstein estimates, strengthening their already dominant position. The 0.4% fee on merchant transactions above Rs 2,000 could also encourage payment apps to expand in rural areas and push smaller rivals towards higher-value transactions.

22 Sep 2026 12:51 pm