Google Pay

PhonePe and Google Pay retained around 79 per cent of UPI transactions in May 2026. [1] source: The Hindu BusinessLine NDTV Profit reported that the two account for around 80% of UPI transaction value. [2] source: NDTV Profit

A 0.4% merchant discount rate on UPI merchant payments above Rs 2,000 starts October 15. [4] source: Entrackr[2] source: NDTV Profit Bernstein estimates up to $1.1 billion in annual payment-app revenue by March 2028, and PhonePe and Google Pay could capture around $900 million. [2] source: NDTV Profit The proposed market-share cap for UPI apps is 30 per cent, due December 31, 2026, and the two apps' 79 per cent share complicates enforcement. [1] source: The Hindu BusinessLine[3] source: ET Small Business ET BrandEquity reported in September 2026 that Google Pay is among the brands drawing on teen cricketer Vaibhav Sooryavanshi for partnerships, alongside Complan and Red Bull. [5] source: ET BrandEquity

Apple Pay launched in India on September 30 with eligible Axis Bank cards. [6] source: Business Today[7] source: The Hindu BusinessLine Business Today said whether Apple Pay supports UPI and QR-code payments at launch was unclear, which shapes its ability to challenge PhonePe and Google Pay. [8] source: Business Today