Sachin Bansal's Navi becomes sixth largest UPI player, overtakes Amazon Pay

Bengaluru-based fintech started cash-backs and rewards for customers in April

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Navi, a fintech company owned by Flipkart co-founder Sachin Bansal, has become India's sixth-largest player on the Unified Payments Interface, surpassing Amazon Pay one year after launching UPI services.

Navi in August processed 88.71 million UPI transactions with a cumulative value of Rs 4,651.32 crore, compared to 68.47 million transactions of Rs 3,574.61 crore in July, according to data from the National Payments Corporation of India (NPCI), which manages UPI.

Month-on-month, Bengaluru-based Navi's volume grew by 29.56 per cent in August.

Navi's UPI volumes have grown more than 90 times since January, when the company processed a modest 0.96 million UPI transactions.

This growth follows the company's announcement in April that it would roll out cash-backs and rewards for customers using its UPI service.

Amazon Pay has slipped a rank in UPI volumes: It recorded 70.72 million transactions in August, compared to 72.41 million in July.

Walmart-backed PhonePe remains the largest player in the UPI ecosystem, cornering a 48 per cent market share in terms of transaction volume in August. It processed 7.2 billion transactions.

Google Pay is the second-largest player with a market share of 37.37 per cent, processing 5.5 billion transactions. Paytm processed around 1 billion transactions in the same month, with its market share pegged at 7.2 per cent.