PhonePe and Google Pay dominate headlines on UPI market share, but regulation requires them to route 100% of their traffic through partner banks. The actual processing work happens one layer deeper, inside a network of B2B enterprise software providers.
At the bank level, legacy infrastructure is dominated by players like Mindgate Solutions and FSS, which build UPI switch systems inside major banks. Global player ACI Worldwide supplies rails for bank-to-bank settlement.
Above the banks sits an orchestration layer. Juspay's payment orchestration SDKs are used by large merchants like Amazon Pay and CRED to manage routing across multiple bank switches and reduce transaction failures.
A newer set of API infrastructure firms — M2P Fintech and Setu — let fintechs plug into UPI rails quickly, while aggregators such as Razorpay are extending into deeper backend routing services.
