Navi Emerges as India's Fifth-Largest UPI Player
| Summary/Static | Details |
|---|---|
| Why in the news? | Navi, co-founded by Sachin Bansal, has become India's fifth-largest UPI ecosystem player. |
| Recent Performance | Processed 120.41 million UPI transactions valued at Rs 6,549.1 crore in September 2024. |
| Market Share | Holds a 0.8% market share in the UPI ecosystem. |
| Monthly Growth | Recorded 88.71 million transactions worth Rs 4,651 crore in August 2024, a 35.7% MoM growth. |
| Climbing the Ranks | Surpassed Amazon Pay in August and is 20 million transactions behind Cred, which ranked fourth. |
| Top Competitors | PhonePe and Google Pay dominate, accounting for 92.5% of UPI transaction volumes in September. |
| PhonePe's Performance | Processed 7.22 billion transactions valued at Rs 10.3 trillion in September 2024. |
| Google Pay's Performance | Processed 5.62 billion transactions worth Rs 7.46 trillion in September 2024. |
| Strategic Initiatives | Launched cashbacks and rewards in April 2024 to attract customers. |