New Delhi, Aug. 18 -- India needs a fully homegrown dominant UPI app to truly leverage data rather than remain dependent on foreign-grown payment platforms, according to a report by the State Bank of India (SBI).

The report highlighted that the country's UPI ecosystem is currently dominated by a handful of third-party app providers (TPAPs), with PhonePe, Google Pay, and Paytm leading both in transaction volume and value.

It stated, "The need for a Desi Counter Intuitive App cannot be overemphasised as we move towards leveraging data".

As per the data for July 2025, PhonePe has emerged as the clear leader in the UPI space. The app recorded a massive 8,931 million transactions in volume and transactions worth Rs 12,20,141 crore in value....