UPI market share cap directive a spoiler for IPO plans: PhonePe’s Sameer Nigam

PhonePe, a Walmart-backed entity, is the largest UPI payment app in India and holds around 48% of the market share in terms of transaction volume. However, the central government and the National Payments Corporation of India (NPCI) had proposed a 30% market share cap in the UPI segment earlier to prevent market concentration and duopoly.