The National Payments Corporation of India (NPCI) has been inducting newer players onto the UPI platform in the hope to balance market share of players within the proposed 30% limit.
PhonePe and Google Pay continued to garner the lion’s share in terms of payment volumes in June standing at 48% and 35%.
Bansal’s Navi follows the likes of Kunal Shah-led Cred, Zomato, Tata Neu which have all launched their UPI offerings over the past year, to engage users.
ET has also reported in the past that domestic ecommerce major, Flipkart and food and grocery-delivery platform, Swiggy are likely to follow suit and enter the UPI race.
“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,” Bansal said on microblogging website X (erstwhile Twitter) on Saturday, about Navi’s UPI entry.
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Bansal owns a little over 97% of Navi Technologies that he founded in December 2018 after exiting Flipkart.Currently, Navi Group includes personal and home loan platform Navi Finserv, mutual funds platform Navi Asset Management Company, health insurance vertical Navi General Insurance, and microfinance.
With its entry into payments, the company has almost finished the entire bouquet of financial services that it can offer.
“Payments is a cheap customer acqusition tool, if one can play up the popupar payment mode UPI then they can use it to get customers into the Navi ecosystem,” said a founder of a rival fintech startup.