Flipkart Group’s payment app super.money has become the fifth largest UPI player in the country, according to data from the National Payments Corporation of India (NPCI).
While, fintech and credit platform Navi overtook Cred to emerge as the fourth-largest UPI app and Cred led by Kunal Shah has slipped to the sixth position.
Navi saw 261 transaction in Feburary while super.money saw 139 million trnascations. Credit card bill payment app Cred has been stagnating at around 130 million transactions for almost a year.
While, IPO-bound PhonePe continues to dominate UPI payments with 47.5 percent of market share. The Bengaluru-based payments company’s market share in value terms is even higher at around 51 percent.
Search giant Google’s UPI app Google Pay retained around 36 percent volume market share and 35 percent value market share. Third-placed Paytm had around 6.7 percent volume share and 5.3 percent of the value.
NPCI had plans to curb the dominance of the top two apps with a market share cap rule by end-2024 but extended the deadline because of the implementation challenges.
