UPI Market Structure · FY 2016–17 to FY 2020–21

From competition
to duopoly

Among the top 5 UPI apps by transaction volume, the early quarters showed players in close contest. Within four years, a stable two-player structure emerged — one from which the market has not meaningfully deviated since.

FY 2016-17
FY 2017-18
FY 2018-19
FY 2019-20
FY 2020-21
Players are ranked 1–5 by transaction volume share within each quarter. Player 1 = highest share, Player 5 = lowest among the top 5. Rankings may not represent the same apps across all periods.

HHI (Herfindahl-Hirschman Index) measures market concentration — scores above 2,500 indicate high concentration.

Source: NPCI/UPI/SOP-01/2020-21, dated March 25, 2021.