Navi gains UPI market share in July, PhonePe, Google Pay slip

Sachin Bansal-led Navi increased its UPI market share to 4% in July from 3.7% in June, according to NPCI data cited by Inc42. The fintech startup processed 94.7 crore transactions worth Rs 48,318 crore, up 12% and 10% month-on-month respectively.

Market leaders PhonePe and Google Pay saw their combined share slip to 78.6%. PhonePe processed 1,085.8 crore transactions worth Rs 14.4 lakh crore, while Google Pay recorded 764.98 crore transactions valued at Rs 10 lakh crore. Paytm held steady at 8% market share, and Flipkart’s super.money, WhatsApp, CRED, Amazon Pay, and BHIM UPI largely retained their June shares. Smaller players collectively recovered to 3.8% share from 3.6%.

Total UPI transaction volume rose 4% to 23.66 billion in July from 22.72 billion in June, and transaction value increased 3% to Rs 29.88 lakh crore. Year-on-year, volume grew 22% and value 19%. Separately, Parliament has cleared a bill enabling the government to introduce merchant discount rates on select UPI transactions, though Finance Minister Nirmala Sitharaman clarified that person-to-person payments will remain free.