Navi overtakes Amazon Pay to emerge as fifth largest UPI player

• Sachin Bansal's fintech Navi has overtaken Amazon Pay to become the fifth-largest UPI player in India, according to NPCI data.
• Navi's UPI transaction volumes have surged 30 times in six months, jumping from 27th position in March to fifth in August.
• The company saw 89 million transactions in August, up from 69 million in July, thanks to cashback offers.
• Despite its rapid growth, Navi holds only 0.6 percent of the UPI market share, far behind leaders PhonePe, Google Pay, and Paytm.
• NPCI's plan to cap market share at 30 percent per app is likely to be postponed due to implementation challenges.

Source: Moneycontrol