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Navi Overtakes Cred to Become 4th Largest UPI App in India.

Banking & Finance | Dated: 10 Dec 2024

Sachin Bansal's app, Navi, has overtaken Kunal Shah's Cred app to become the 4th largest Unified Payment Interface (UPI) app in India. According to data from the National Payments Corporation of India (NPCI), Navi achieved 157.51 million transactions in October 2024, marking a 31% growth, surpassing Bengaluru-based Cred, which recorded 152.28 million transactions in the same month.

🎯 Key Highlights:

  • - The UPI market is dominated by PhonePe with a 48% market share, followed by Google Pay and Paytm, holding 37% and 7% market shares, respectively.

💡 Other Important Facts:

  • (i) Both Navi and Cred now account for approximately 1% of the UPI market share each.
  • (ii) In December 2024, the Reserve Bank of India (RBI) lifted the restrictions it had previously imposed on Navi, which were related to concerns over the loan pricing strategy.

📚 Test Your Knowledge:

Recently, which app overtook Cred to become the 4th largest UPI app in India?

Correct Answer: Navi

🚀 Quick Recap: