"With only six months remaining before the implementation of the NPCI’s 30 percent market cap rule, the loosening grip of the top two players signals early signs of success in the regulator's long-standing effort to diversify the UPI market. PhonePe, Google Pay UPI share dipped under 80% in May 2026. New UPI apps like BHIM, Navi, and super.money gained market share. NPCI sped approvals to boost smaller UPI app participation."