India's payments regulator is set to decide as early as Monday whether to curb the dominance of Walmart's PhonePe and Google in the nation's fast-growing mobile payments market. Despite the development of a unified payments interface (UPI), which has been adopted by most banks and online payment platforms, the two companies have managed to occupy a substantial market share. This has raised concerns among regulators, who have required that any single entity's transaction volume not exceed 30% of the total UPI transactions. However, Google Pay and PhonePe have consistently demonstrated market dominance, with PhonePe handling 47.8% and Google Pay handling 37.1% of transactions. This has led to questions about whether the companies should be forced to reduce their market share to prevent monopolization. As the regulator decides, the fate of the mobile payments industry in India hangs in the balance. [learn more](https://techcrunch.com/2024/12/29/indias-mobile-payments-dilemma/)