In the month of November, Flipkart-backed super.money has become the 7th-largest player and the 6th-largest third-party application provider (TPAP) on the country’s real-time payments system, Unified Payments Interface (UPI).
Flipkart-backed super.money Becomes 7th Largest Player on UPI with Significant Growth
In the month of October, the company was 12th largest player on UPI.
As per the data provided by National Payments Corporation of India (NPCI), the company processed 78.49 million transactions amounting to Rs 3,130 crore in the month of November, which is basically a 58% MoM increased from 49.68 million transactions with a total value of Rs 2,167 crore.
The UPI operations of the company were launched in the month of July 2024.
Notably, a dip was reported in the total number of transactions processed in the country cumulatively last month.
Transactions saw a 7 per cent drop in volume to 15.48 billion and an 8 per cent fall in value to Rs 21.55 trillion in November compared with the previous month. In October, they touched an all-time high, driven by festive sales.
The dip in transactions following the festive spree in October was visible across the top three UPI players, which corner about 92 per cent of UPI volumes.
PhonePe Leads UPI Transactions in November, While Navi and Cred Maintain Strong Positions
Month of November witnessed 7.40 billion transactions by PhonePe, followed by Google Pay’s 5.73 billion and Paytm’s 1.07 billion. On average, PhonePe and Google Pay processed 483 million fewer transactions in November compared with the previous month.
4th largest player, Navi, continued to retain its position. Notably, the company started UPI operations in August last year. Navi processed 152.95 million transactions. Cred, which comes in the list after Navi, saw volumes of 138.24 million.
