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Navi has surpassed Amazon Pay to become the 5th largest UPI player in India, with a 30-fold increase in transaction volumes over the past 6 months.
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Navi’s UPI transactions grew from 3 million in March to 89 million in August, a 30% increase from July.
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The company offers a range of financial services, including instant personal loans, home loans, and insurance, making it a unique player in the UPI market.
Sachin Bansal’s fintech company, Navi, has made a significant leap in the UPI market, overtaking Amazon Pay to become the 5th largest player. According to NPCI data, Navi’s UPI transaction volumes have grown 30 times in the past 6 months, with a remarkable increase from 3 million transactions in March to 89 million in August.
Navi’s growth is notable, especially considering the company’s diverse range of financial services, including lending, insurance, and digital gold. Unlike other fintech apps, Navi is a manufacturer of these products, not just a distributor. While the top three UPI players – PhonePe, Google Pay, and Paytm – remain unchanged, Navi’s rapid growth has positioned it as a significant player in the market.
Despite Navi’s impressive growth, the company’s market share of the UPI ecosystem is still relatively small, at 0.6%. The top three players continue to dominate the market, with PhonePe and Google Pay accounting for a combined 85% of UPI transactions. However, Navi’s unique approach and rapid growth make it a company to watch in the fintech space.
