New Delhi, Oct. 31 -- The India Fintech Foundation (IFF) has called for urgent policy intervention from the Finance Ministry and the Reserve Bank of India (RBI) to reduce concentration risk in the Unified Payments Interface (UPI) ecosystem, warning that over 80 percent of UPI transaction volumes are controlled by just two third-party app providers (TPAPs).

It has submitted a policy recommendation note, titled 'Policy Options for Mitigating Concentration Risk on UPI', to the Finance Ministry and the RBI.

"This note has been prepared after extensive consultation with our member fintech institutions and draws on global precedents to propose balanced, market-friendly approaches to strengthen competition, inclusion, and systemic resilience w...