Number of UPI apps grows in 2024, yet top two command maximum market share

In 2024, NPCI issued 20 third party application approvals. This was much higher than three and four issuances in 2022 and 2023 respectively

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