Do you know who holds your digital payment data? According to a new SBI report, India is in dire need of a domestic UPI app instead of foreign platforms. Know why it is very important for the Indian UPI ecosystem to take this step and how it will also prove to be a big change for your data security.
Foreign apps dominate UPI
Indian UPI has become the most successful digital payment system in the world today, but a large part of it is in the hands of a few select foreign companies. According to the SBI report, the country’s UPI system is completely dominated by a few third-party app providers (TPAP).
Big players like PhonePe, Google Pay, and Paytm are at the forefront in both the number and value of transactions. This situation indicates that if we have to take full advantage of the data, then the Indian UPI ecosystem will have to move towards domestic leadership.
According to the data of July 2025, PhonePe led with 893.1 crore transactions, worth Rs 12.20 lakh crore. At the same time, Google Pay stood second with 692.3 crore transactions and a total value of Rs 8.91 lakh crore. Paytm stood third with 136.6 crore transactions, worth Rs 1.43 lakh crore. Apart from this, the transactions of other companies like Navi (44.4 crore) and Super. Money (25.3 crore) was very low.
SBI report
All the data related to UPI is being collected by only a few big companies, and most of these platforms are owned or influenced by foreign companies. In such a situation, an Indian UPI app will not only help in keeping our transaction data safe, but will also ensure that the development of fintech innovation in the country is according to the needs and priorities of India. If we do not become self-reliant in terms of data, then it can become a big problem in the future.
Data security and the future of fintech
This report of SBI gives very important advice. The stronger our digital payment system, the stronger our economy will be. A domestic UPI app will not only keep the sensitive data of millions of users safe, but new Indian companies will also get a chance to move forward in this field. This step can prove to be a big step towards making the Indian economy completely self-reliant.