Flipkart co-founder Sachin Bansal-owned Navi, a fintech company has surpassed Amazon Pay to become India's sixth-largest player on the Unified Payments Interface (UPI), according to the data of the National Payments Corporation of India (NPCI).
The NPCI owns and operates the Unified Payments Interface (UPI) platform.
The data reveals that Navi in August, Navi handled 88.71 million UPI transactions accounting to Rs 4,651.32 crore, up from 68.47 million transactions worth Rs 3,574.61 crore in July.
Whereas, Amazon Pay witnessed a downfall in UPI volumes, recording 70.72 million transactions in August compared to 72.41 million in July.
Moreover, Navi experienced a month-on-month growth of 29.56% in transaction volume in August. Since January, the Bengaluru-based company's UPI volumes have surged over 90 times, rising from just 0.96 million transactions.
This increase comes after the company’s announcement in April that it would offer cash-backs and rewards for customers using its UPI service.
Meanwhile, PhonePe remains the biggest UPI player in the country, recording 7.23 billion transactions. It is followed by Google Pay and Paytm with 5.5 billion and 1 billion transactions respectively.
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