The India Fintech Foundation (IFF) has raised serious concerns about the growing dominance of two digital payment apps, which together handle more than 80% of all transactions on the Unified Payments Interface (UPI). In a policy note titled “Policy Options for Mitigating Concentration Risk on UPI”, released on October 29, 2025, the foundation said this concentration could threaten competition, innovation and even the resilience of India’s digital payments system.
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