Profit InsightsBreaking The UPI Duopoly: New Entrants Tap Niche Models To Drive Growth
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Breaking The UPI Duopoly: New Entrants Tap Niche Models To Drive Growth
New UPI players like POP and GenWise are addressing underserved markets, from online shoppers to senior citizens, aiming to build sustainable models and diversify the payment ecosystem.
Startups like GenWise and POP are introducing innovative UPI solutions, such as audio-based interfaces and rewards systems, to challenge the duopoly of PhonePe and Google Pay in India's digital payments landscape. Screengrab of NPCI UPI Circle promo video. (Photo source: YouTube)
A slew of approvals to fresh UPI entrants over the past few months point to a fresh playbook for those willing to enter the duopolistic market—bringing differentiated value.Presently, out of over 75 UPI apps, only two—PhonePe and Google Pay—account for over 85% of all UPI transactions in India, by volume and value, according to data available with the National Payments Corporation of India.As many as 17 new TPAPs, or third-party appl...