Flipkart-backed super.money joins top five UPI apps club: NPCI data

Flipkart-backed super.money rose to become the fifth-largest third-party player on the Unified Payments Interface (UPI), processing 139.10 million transactions in February—less than a year after launching operations, according to data from the National Payments Corporation of India (NPCI).

 

The Bengaluru-based fintech firm, which has been offering cashbacks on UPI transactions, overtook Cred, which processed 126.48 million the same month. 

 

Initial public offering (IPO)-bound PhonePe continued to corner a majority 47.54 per cent share of the real-time payments system, processing 7.65 billion transactions, followed by Google Pay’s 36.24 per cent market share at 5.83 billion UPI payments.

 

Paytm processed over one billion transactions and ended the month with a 6.7 per cent market share. Meanwhile, Navi held a 1.62 per cent market share on UPI. The fintech firm processed 260.75 million transactions.

 

UPI transactions saw a 5 per cent month-on-month (M-o-M) dip in volume to 16.11 billion in February, from 16.99 billion in January, owing to the fewer days in the month. Similarly, the value declined 6.5 per cent to Rs 21.48 trillion in February, compared to Rs 23.48 trillion in January.