Banks rule UPI rails; Bizongo under scanner

Happy Friday! A small group of banks quietly control most of the money received through UPI. This and more in today’s ETtech Morning Dispatch.

Also in the letter:
■ Meesho files for IPO
■ ISRO tech transfer
■ Luma Fertility fundraise

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Four banks bag bulk of UPI beneficiary payments

A small number of banks are quietly dominating the receiving side of the Unified Payments Interface (UPI), India’s preferred retail payments system. Yes Bank leads the pack, with nearly 40% market share, mainly driven by merchant payments.

Driving the news: Yes…