Not many new players will enter UPI space: Report

The Unified Payments Interface (UPI) system may not see many new players entering the space as it has got aggregated with few players, according to a report.

As a payment product, UPI will continue to scale with more innovative use cases coming in and will remain default payment gateway for the country, said a report by The Digital Fifth. While UPI has enabled innovation in the payment space, it has resulted in larger players taking complete control of the market, it said.

With wallet business depleting and UPI getting aggregated with few players, there may not be many new players entering this space.

The report also came out with a list of top-30 fintech influencers, which includes Niti Aayog Advisor Anna Roy, Ujjivan Small Finance Bank CEO Nitin Chugh and CreditMantri co-founder Gowri Mukherjee.