Navi Achieves 5th Spot in UPI Rankings for Second Time

Navi, a fintech company co-founded by Sachin Bansal, has made significant strides in the Unified Payments Interface (UPI) landscape, emerging as India’s fifth-largest ecosystem player. In September, the company achieved remarkable transaction volumes, processing 120.41 million transactions valued at Rs 6,549.1 crore.

This growth underscores Navi’s expanding presence in the highly competitive UPI market, which is dominated by major players like PhonePe, Google Pay, and Paytm.

Key Highlights

Recent Performance

• Navi processed 120.41 million transactions in September, translating to a transaction value of Rs 6,549.1 crore.

Climbing the Ranks 

• The company surpassed Amazon Pay in UPI volumes in August and is now just 20 million transactions shy of Cred, which ranked fourth with 140 million transactions last month.

Monthly Growth

• In August, Navi recorded 88.71 million transactions worth Rs 4,651 crore, reflecting a 35.7% growth in transaction volumes month-on-month.

Market Share

• Navi currently holds a 0.8% market share in the UPI ecosystem, a modest share compared to industry giants.

Top Competitors

• PhonePe and Google Pay dominate the UPI space, accounting for a combined 92.5% of the total transaction volumes in September.

Competitive Landscape

• PhonePe maintained its position as the leading player with 7.22 billion transactions valued at Rs 10.3 trillion.
• Google Pay followed as the second-largest player, processing 5.62 billion transactions amounting to Rs 7.46 trillion.

Strategic Initiatives

• Navi’s growth can be attributed to its strategic initiatives, including the launch of cashbacks and rewards for customers using its UPI service, announced in April.

Expectations

• Navi’s ascent in the UPI ecosystem reflects its ongoing efforts to capture market share and innovate within the fintech space, solidifying its position as a key player in India’s digital payments landscape. 
• As the UPI ecosystem continues to evolve, Navi’s performance in the coming months will be crucial in determining its future standing among the leading fintech companies in India.