According to the National Payments Corporation of India (NPCI), which operates the instant payment system, Flipkart Group’s payment app super.money has become the fifth largest UPI player in the country, pushing Kunal Shah-led CRED to sixth place in February.
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Key players in the UPI race
March has proven to be a remarkable month for UPI with the daily value of transactions crossing Rs 1 lakh crore for the first time. On March 1, UPI racked up Rs 1,01,628 crore worth of transactions.
In November, Sachin Bansal’s fintech and credit platform Navi had beaten CRED to emerge as the fourth-largest UPI app.
Even as the UPI platform and market leader PhonePe saw a slight month-on-month fall in transactions owing to fewer days in February, Navi and super.money continued to grow.
Navi had around 261 million transactions in February and super.money around139 million transactions.
Credit card bill payment app CRED stood at around 130 million transactions for almost a year.
Axis Bank Apps made record B2C transactions, processing 100.15 million payments worth Rs 4,638.45 crore, while Amazon Pay handled 93.31 million transactions worth Rs 9,077.30 crore. [Source: Entrackr]
As UPI mode of transaction continues to grow, PhonePe and Google Pay control over 83% of the market, while Paytm strives to stay competitive.
NPCI Chief Dilip Asbe has disclosed that UPI has 450 million users, with 200 million active daily. He stressed that RBI, the government, and financial institutions should strategically onboard 200-300 million more users.
Navi, CRED and super.money, are only a minuscule part of the UPI transaction volume, and their January market share has been 1.5 per cent, 0.9 per cent and 0.7 per cent respectively.
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