In 2024, 20 Fintech firms received licenses to offer UPI services. This brought in the introduction of innovations like virtual RuPay credit cards with rewards and cashback.
The digital payments landscape is witnessing a shakeup as 20 Fintech firms secured UPI licenses in 2024. It marks a significant shift in the industry. These new entrants are introducing innovative solutions such as virtual RuPay credit cards linked to UPI, offering customers perks like rewards, cashback, and a credit-free period.
This development comes amid a market dominated by industry leaders, where two key players currently command 85% of the share. The National Payments Corporation of India (NPCI) has approved 40 firms as third-party application providers (TPAPs) since 2016, with half of those approvals happening in the last year alone. The new Fintech entrants aim to redefine the UPI ecosystem by expanding payment options and equipping users with enhanced features.
