SUMMARY
- Navi Finserv processed 88.71 million UPI transactions in August, growing 29.56% month-on-month.
- The company’s UPI volumes have surged over 90 times since January 2023.
- PhonePe leads the UPI market with 48% share, followed by Google Pay at 37.37%.
Navi Finserv, the fintech firm owned by Flipkart co-founder Sachin Bansal, has rapidly climbed the ranks in India’s Unified Payments Interface (UPI) space, overtaking Amazon Pay to become the sixth-largest UPI player. Just a year after launching its UPI services, Navi processed 88.71 million transactions in August, representing a transaction value of ₹4,651.32 crore, as per data from the National Payments Corporation of India (NPCI). This marked a significant jump from July’s 68.47 million transactions worth ₹3,574.61 crore, showing a month-on-month volume growth of 29.56%.
Since January, Navi’s UPI volumes have skyrocketed, growing over 90 times from just 0.96 million transactions. This growth was driven by the company’s introduction of cashback and reward programs in April, aimed at boosting customer engagement.
In contrast, Amazon Pay has slipped in the rankings, processing 70.72 million transactions in August, down from 72.41 million in July. Despite this, market leaders PhonePe and Google Pay continue to dominate the UPI ecosystem. PhonePe, backed by Walmart, holds a commanding 48% market share with 7.2 billion transactions in August, while Google Pay retains second place with a 37.37% share, handling 5.5 billion transactions. Paytm remains in third, with 1 billion transactions and a 7.2% market share.
