Navi Expands UPI Market Share in August, PhonePe and Google Pay See Declines
Navi increased its share of UPI transaction volumes to 4.4% in August, up from 4% in July. Market leaders PhonePe and Google Pay experienced slight decreases in their respective shares.
Navi, the fintech platform backed by Sachin Bansal, expanded its share of India's Unified Payments Interface (UPI) transaction volumes to 4.4% in August. This marks a steady increase from its 3.7% share in June and 4% in July, according to analysis of NPCI data.
The company processed approximately 1.08 billion UPI transactions worth INR 52,512.85 crore in August. This is an increase from July's figures, where Navi handled about 947 million transactions valued at INR 48,318 crore.
Meanwhile, the dominant players in the UPI market, PhonePe and Google Pay, saw their combined market share slightly decline to 78.3% from 78.6% in July. PhonePe processed 11.25 billion transactions, with its share slipping to 45.9% from 46.1%, while Google Pay's share fell to 32.4% from 32.5%.
Overall, UPI platforms collectively processed a record 24.51 billion transactions in August, a 3.6% increase from July. These shifts occur ahead of a new merchant discount rate (MDR) framework for certain UPI transactions scheduled to take effect on October 15.