A chink in Indian payment armour

In February 2024, a report submitted by the Parliamentary Standing Committee on Communications and Information Technology highlighted apprehensions about the prevalence of fintech applications owned by foreign entities within the Indian ecosystem. It underscored the need to prioritise the promotion of local players to address these concerns effectively.

According to the report, the Unified Payments Interface (UPI) held a dominant 73.5% share of total digital payments by volume in FY23.