Navi Finserv, the fintech venture of Flipkart co-founder Sachin Bansal, has swiftly climbed the ranks in India’s Unified Payments Interface (UPI) market, overtaking Amazon Pay to secure the position as the sixth-largest UPI player. Just a year after launching its UPI services, Navi processed a significant 88.71 million transactions in August 2024, amounting to ₹4,651.32 crore, according to data from the National Payments Corporation of India (NPCI). This represents a robust 29.56% increase in transaction volume from July, when Navi registered 68.47 million transactions worth ₹3,574.61 crore.
Navi’s exponential growth in UPI volume, which has surged by over 90 times since January, can be attributed to the launch of cashback and reward programs in April aimed at driving user engagement. In comparison, Amazon Pay saw a slight decline, handling 70.72 million transactions in August, down from 72.41 million in July. Despite Navi’s growth, market giants PhonePe and Google Pay maintain their dominance. PhonePe, with a 48% market share, processed 7.2 billion transactions in August, while Google Pay followed with a 37.37% share, handling 5.5 billion transactions. Paytm holds third place with a 7.2% market share and 1 billion transactions.
Summary:
- Navi Finserv surpassed Amazon Pay to become the sixth-largest UPI player in India, processing 88.71 million transactions in August.
- The firm’s UPI volume grew by over 90 times since January, boosted by cashback and reward schemes introduced in April.
- Market leaders PhonePe and Google Pay continue to dominate, holding 48% and 37.37% of the UPI market share, respectively.