Navi Technologies Joins UPI Sector, Embracing NPCI’s Diversification Efforts
- ByStartupStory | August 21, 2023
Financial services company Navi Technologies has reportedly joined the Unified Payments Interface (UPI) sector, according to recent media reports. This move follows the introduction of UPI services by companies like Zomato and Tata Neu in the past year as a means to engage users. Navi’s entry into UPI is seen as a positive step toward the National Payments Corporation of India’s (NPCI) goal of diversifying players within the UPI platform to ensure a balanced market share, as per the proposed 30 percent limit.
Despite the entry of new players, PhonePe and Google Pay continue to dominate the payment interface landscape, accounting for a significant share of payment volume. In June, PhonePe captured 48 percent of the payment volume, while Google Pay held 35 percent.
Sachin Bansal Founder of Navi Technologies and Flipkart Co-founder took over X (formerly Twitter) to thank NPCI. His post read, “Thank you @NPCI for giving us an opportunity to contribute to this beautiful ecosystem. Will help Navi in our mission to simplify finance for everyone.”
Navi Technologies, established in 2018 by Sachin Bansal and Ankit Agarwal, operates in various financial sectors, including digital loans, home loans, mutual funds, health insurance, and micro-loans.
Follow Startup Story
Related Posts
