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PhonePe vs Google Pay: The UPI Battle Is Getting Bigger, and India’s Payment Rules Are Changing

India’s digital payment revolution has created something that was once difficult to imagine: billions of transactions every month without consumers reaching for cash or cards. At the centre of that transformation are two names that have become almost synonymous with everyday digital payments: PhonePe and Google Pay. In July 2026, PhonePe processed about 10.86 billion UPI transactions, representin…

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