Small UPI players show promise even as larger ones continue to dominate

Smaller fintechs gain traction as top UPI apps near 30% market cap limit

New players in India's real-time payments system, the Unified Payments Interface (UPI), are showing signs of growth on a year-on-year basis, even as top firms on the leaderboard continue to dominate the digital payments ecosystem.

This is significant as the year-end deadline approaches to limit the market share of UPI applications to about 30 percent, yet the top three apps—PhonePe, Google Pay, and Paytm—still dominate around 93 percent of the UPI market.

Companies with a minor share of monthly UPI volumes include names such as Navi, Groww, Slice, among others, including ones backed by major corporations like