In 2024, the National Payments Corporation of India (NPCI) approved 20 third-party Unified Payments Interface (UPI) applications, a record since UPI's launch in 2016.
This surge reflects growing interest from financial technology (fintech) companies, driven by the integration of credit products like UPI-linked credit cards and pre-approved credit lines.
In October, NPCI Managing Director and Chief Executive Officer Dilip Asbe said that around 50 entities were keen on obtaining third-party application provider (TPAP) approvals, despite the current zero merchant discount rate regime on UPI payments.
A surge in new participants may not necessarily make a sizeable dent in the market share of top players, PhonePe and Google Pay, who dominate nearly 85 per cent of the country's UPI volumes.
For most new applications, UPI is less about market share and more about leveraging payments as a gateway to higher-margin businesses like lending, insurance, and wealth management.
This story is from the December 23, 2024 edition of Business Standard.
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This story is from the December 23, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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