-
Navi app saw a 20% growth in UPI transactions in June, despite a decline in industry transactions.
-
The app recorded 36 million transactions in June, with a transaction value of Rs 1,770 crore.
-
Navi’s growth is attributed to its existing customers using the platform for loan repayments, insurance, and mutual funds.
Sachin Bansal’s fintech app, Navi, has continued to grow its UPI business, despite a decline in industry transactions in June. The app saw a 20% growth in transactions, with 36 million transactions recorded in June, compared to 30 million in May. The transaction value also saw a significant increase, with Rs 1,770 crore worth of transactions in June, compared to Rs 958 crore in May.
Navi’s growth is attributed to its existing customers using the platform for loan repayments, insurance, and mutual funds. The app offers a range of financial services, including instant personal loans, home loans, bill payments, insurance, digital gold, and mutual funds. Unlike other fintech apps, Navi is a manufacturer of these products, not just a distributor.
While Navi has seen significant growth, other apps such as Paytm and Flipkart have seen a decline in their UPI market share. Paytm has managed to maintain its 8% market share, despite regulatory sanctions, while Flipkart’s UPI transactions have remained stagnant at around 5-6 million.
