Navi climbs UPI leaderboard for second consecutive time, now fifth largest

Navi, a fintech company owned by Flipkart co-founder Sachin Bansal, has become India's fifth-largest ecosystem player on the Unified Payments Interface (UPI), clocking 120.41 million transactions amounting to Rs 6,549.1 crore in September.

The Bengaluru-based company, which surpassed Amazon Pay’s UPI volumes in August, was just shy of 20 million transactions from the fourth-largest player, Cred, which processed 140 million transactions last month, data from the National Payments Corporation of India (NPCI) shows.

In August, Navi processed 88.71 million transactions with a cumulative value of Rs 4,651 crore, reflecting a 35.7 per cent growth in volumes on a month-on-month basis.

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

It holds a modest 0.8 per cent market share on UPI, with fintech majors including PhonePe, Google Pay, and Paytm cumulatively processing about 92.5 per cent of September’s UPI volumes.

PhonePe processed 7.22 billion transactions with a value of Rs 10.3 trillion, continuing to be the largest player on UPI. It was followed by Google Pay, which processed 5.62 billion transactions amounting to Rs 7.46 trillion.

In September, over 15 billion UPI transactions with a value of Rs 20.63 trillion were processed on UPI.