{"id":1287526,"date":"2024-11-19T08:41:21","date_gmt":"2024-11-19T03:11:21","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1287526"},"modified":"2024-11-19T08:41:57","modified_gmt":"2024-11-19T03:11:57","slug":"this-new-upi-app-beats-cred-to-become-indias-4th-biggest-upi-app","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/this-new-upi-app-beats-cred-to-become-indias-4th-biggest-upi-app\/","title":{"rendered":"This New UPI App Beats Cred To Become India&#8217;s 4th Biggest UPI App"},"content":{"rendered":"\n<p>Fintech platform <strong>Navi<\/strong>, co-founded by Sachin Bansal, achieved a milestone in October 2024 by overtaking <strong>Cred<\/strong> to become India\u2019s fourth-largest UPI app. According to the National Payments Corporation of India (NPCI), Navi recorded <strong>158 million transactions<\/strong>, reflecting a <strong>31% growth<\/strong> from September\u2019s 120 million. This achievement came despite reducing user incentives like cashback.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/11\/upi-1-1280x720-1024x576-1.jpg\" alt=\"This New UPI App Beats Cred To Become India's 4th Biggest UPI App\" class=\"wp-image-1287533\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/11\/upi-1-1280x720-1024x576-1.jpg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/11\/upi-1-1280x720-1024x576-1-300x169.jpg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/11\/upi-1-1280x720-1024x576-1-768x432.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Meanwhile, <strong>Cred<\/strong>, led by Kunal Shah, registered 152 million transactions, up from 140 million in September. Both apps now hold <strong>1% of India\u2019s UPI market<\/strong>, with market leaders <strong>PhonePe<\/strong> (48%), <strong>Google Pay<\/strong> (37%), and <strong>Paytm<\/strong> (7%) still dominating the space.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Festive Season Boosts UPI Growth<\/h3>\n\n\n\n<p>The festive season contributed to an <strong>11% increase<\/strong> in UPI transaction volumes and a <strong>14% growth<\/strong> in transaction value. Newer entrants like Flipkart\u2019s <strong>super.money<\/strong> saw exceptional growth, doubling transactions to 50 million in October, capturing a 0.3% market share. This reflects rising competition among UPI players.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Navi\u2019s Strategy and Market Resilience<\/h3>\n\n\n\n<p>Navi has prioritized <strong>in-house financial products<\/strong> such as personal loans, home loans, and digital gold rather than relying on third-party offerings. Despite the Reserve Bank of India (RBI) imposing restrictions on Navi Finserv\u2019s lending operations in October, UPI transactions on Navi remained unaffected.<\/p>\n\n\n\n<p>The platform\u2019s rapid growth stems from its <strong>focus on product innovation<\/strong> and user-centric strategies, solidifying its position in India\u2019s highly competitive fintech landscape.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Market Share Cap Challenges<\/h3>\n\n\n\n<p>The NPCI\u2019s proposed market cap policy, intended to curb the dominance of apps like PhonePe and Google Pay by limiting individual market shares to <strong>30%<\/strong>, faces delays. Together, these apps currently control <strong>85%<\/strong> of UPI transactions, posing significant challenges for smaller players like Navi and super.money to gain ground.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">BHIM and Tier-Two UPI App Development<\/h3>\n\n\n\n<p>To encourage competition, the NPCI has spun off its <strong>BHIM app<\/strong> into a separate entity, appointing Lalitha Nataraj as CEO. However, tier-two UPI apps have yet to significantly impact the larger ecosystem.<\/p>\n\n\n\n<p>Navi\u2019s growth underscores its ability to adapt and thrive in a rapidly evolving market, offering a glimpse into the future of India\u2019s digital payment industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fintech platform Navi, co-founded by Sachin Bansal, achieved a milestone in October 2024 by overtaking Cred to become India\u2019s fourth-largest UPI app. According to the National Payments Corporation of India (NPCI), Navi recorded 158 million transactions, reflecting a 31% growth from September\u2019s 120 million. This achievement came despite reducing user incentives like cashback. Meanwhile, Cred, [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":1287533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[2310,6528,41],"class_list":["post-1287526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cred","tag-navi","tag-upi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This New UPI App Beats Cred To Become India&#039;s 4th Biggest UPI App - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/this-new-upi-app-beats-cred-to-become-indias-4th-biggest-upi-app\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This New UPI App Beats Cred To Become India&#039;s 4th Biggest UPI App - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Fintech platform Navi, co-founded by Sachin Bansal, achieved a milestone in October 2024 by overtaking Cred to become India\u2019s fourth-largest UPI app. According to the National Payments Corporation of India (NPCI), Navi recorded 158 million transactions, reflecting a 31% growth from September\u2019s 120 million. This achievement came despite reducing user incentives like cashback. Meanwhile, Cred, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/this-new-upi-app-beats-cred-to-become-indias-4th-biggest-upi-app\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-19T03:11:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-19T03:11:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/11\/upi-1-1280x720-1024x576-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mohul Ghosh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohul Ghosh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/this-new-upi-app-beats-cred-to-become-indias-4th-biggest-upi-app\/\",\"url\":\"https:\/\/trak.in\/stories\/this-new-upi-app-beats-cred-to-become-indias-4th-biggest-upi-app\/\",\"name\":\"This New UPI App Beats Cred To Become India's 4th Biggest UPI App - Trak.in - Indian Business of Tech, Mobile &amp; 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