Fintech Brief — June 18, 2026

1. UPI Duopoly Cracks: PhonePe + Google Pay Combined Market Share Falls Below 80% for the First Time

India’s UPI two-horse race is showing signs of a shake-up. PhonePe and Google Pay together held 79% of the UPI market by transaction volume in May 2026, slipping below the 80% mark for the first time, according to NPCI data. IPO-bound PhonePe saw its share edge down marginally to 46.3% from 46.5% a year ago, while Google Pay’s share fell to 32.7%.

The gap is being filled by third-party apps—Paytm Payments Bank, CRED, Amazon Pay, and bank-built UPI apps have all been quietly chipping away at the incumbents’ dominance. While still far from challenging the top two individually, their collective growth is now visible in the aggregate numbers.

This fragmentation has regulatory implications. NPCI had previously capped market share at 30% per app to prevent monopolisation—a threshold Google Pay still comfortably exceeds. As third-party apps gain traction, the question of whether NPCI will enforce stricter limits on the duopoly gains fresh relevance ahead of PhonePe’s much-anticipated IPO.

Sources: Moneycontrol, Economic Times

2. Pine Labs Stock Jumps 4% as Citi and UBS Reiterate Buy Calls

Shares of Pine Labs Ltd surged over 4% on Wednesday after major brokerages doubled down on their bullish outlook following an investor meet. Citi maintained its buy rating with an optimistic view on the fintech firm’s growth trajectory, while UBS echoed the buy call citing improving operational metrics and expansion of its merchant payment network.

Pine Labs, which went public last year, has been working to diversify beyond its core POS terminal business into consumer-facing payments, lending products, and international markets. The brokerage endorsements signal growing institutional confidence in the company’s ability to compete with Paytm and PhonePe in the merchant payments space.

Source: Moneycontrol

3. UPI Goes to the French Riviera: Launched at Galeries Lafayette, Nice

India’s digital payment rail continues its global march. UPI has been officially launched at the iconic Galeries Lafayette department store in Nice, France, marking another milestone in India’s push to make UPI an accepted payment method worldwide. With this addition, UPI is now accepted across 9 countries, including France, UAE, Singapore, Sri Lanka, Nepal, and others.

The expansion is part of the NPCI International Payments Ltd (NIPL) strategy to connect UPI with international payment networks, enabling Indian travellers to pay seamlessly abroad without currency conversion fees. The France rollout follows a successful pilot with Liqpay in Paris earlier this year.

Source: Free Press Journal

4. Telegram Temporarily Blocked in India Ahead of NEET-UG Re-Exam

In a move with broad digital infrastructure implications, the Indian government ordered Google and Apple to delist Telegram from their app stores until June 22 to prevent paper leaks during the NEET-UG 2026 re-examination scheduled for June 21. Telegram has moved the Delhi High Court challenging the ban, arguing it undermines constitutional protections and free speech rights of its 150 million+ Indian users.

While not a fintech regulation per se, the ban highlights India’s growing willingness to restrict major digital platforms on short notice—a precedent that fintech and payments companies should track. The Delhi HC has sought the government’s reply and denied interim relief to Telegram for now.

Sources: Economic Times, LiveMint