India's payments regulator is poised to rule on limiting market share for major players in the mobile payments sector, specifically targeting Walmart's PhonePe and Google Pay. Currently, PhonePe holds 47.8% and Google Pay 37.1% of UPI transactions, raising concerns about fair competition. The proposed cap would restrict companies to handling no more than 30% of UPI transactions, potentially hindering PhonePe's IPO plans. The decision reflects India's struggle to balance innovation with market equity in its rapidly growing digital economy, which processes over 13 billion transactions monthly.