CosmicTaco

Navi overtakes Amazon Pay to emerge as fifth largest UPI player

CosmicTaco · 2024-09-17T18:06:42.824939+05:30

- Sachin Bansal's fintech Navi has overtaken Amazon Pay to become the fifth-largest UPI player in India, according to NPCI data. - Navi's UPI transaction volumes have surged 30 times in six months, jumping from 27th position in March to fifth in August. - The company saw 89 million transactions in August, up from 69 million in July, thanks to cashback offers. - Despite its rapid growth, Navi holds only 0.6 percent of the UPI market share, far behind leaders PhonePe, Google Pay, and Paytm. - NPCI's plan to cap market share at 30 percent per app is likely to be postponed due to implementation challenges. Source: [Moneycontrol](https://www.moneycontrol.com/technology/sachin-bansals-navi-overtakes-amazon-pay-to-emerge-as-fifth-largest-upi-player-article-12823790.html)

Sachin Bansal's fintech Navi has overtaken Amazon Pay to become the fifth-largest UPI player in India, according to NPCI data.
Navi's UPI transaction volumes have surged 30 times in six months, jumping from 27th position in March to fifth in August.
The company saw 89 million transactions in August, up from 69 million in July, thanks to cashback offers.
Despite its rapid growth, Navi holds only 0.6 percent of the UPI market share, far behind leaders PhonePe, Google Pay, and Paytm.
NPCI's plan to cap market share at 30 percent per app is likely to be postponed due to implementation challenges.

Source: Moneycontrol