Why India must act now to prevent PhonePe and Google Pay's UPI Duopoly from becoming a national liability

India's UPI faces systemic risk due to PhonePe and Google Pay's over 80% transaction dominance. Aggressive discounting and zero MDR create barriers for smaller players, hindering innovation and financial inclusion. Urgent reforms like incentive caps and data portability are needed to ensure UPI's resilience and national financial security.