Next to PhonePe & Google Pay, Navi & super.money leads the UPI market
The Unified Payments Interface (UPI) ecosystem saw continued market share gains in December for the fintech app Navi, led by Sachin Bansal, and the payments app super.money, owned by Flipkart Group.
This development coincides with the extension of the deadline for implementing the 30 percent market-cap for a single player to December 31, 2026 by the National Payments Corporation of India (NPCI), the company that runs UPI.
According to NPCI data, Navi increased by about 33% month over month to reach a monthly transaction volume of 20 crores.
In December, the company crossed the 1-percent market share threshold for the first time, reaching 1.2 percent.
Super.money crossed 10 crore monthly transactions, growing by nearly 30% from the previous month and gaining 0.6 percent of the UPI market.
But even with their rapid expansion, PhonePe and Google Pay still hold a combined 85 percent of the market, making them the industry leaders. Google Pay held a roughly 37 percent market share, while PhonePe held a roughly 48 percent share.
Approximately 85% of all digital transactions in the nation are made through UPI, which is the most widely used payment platform in the nation. A month's worth of UPI transactions is greater than ten times the amount of credit card transactions.
About 16.7 billion transactions totaling more than 
23 lakh crore were made through UPI in December. With more than 172 billion transactions valued at more than 245 lakh crore, the platform concluded the year.
In an effort to break up the dominance of the top two UPI apps, NPCI has been pushing more companies to submit UPI licence applications.
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