Navi edges past Cred in volume as UPI transactions jump 10.26% in October

Navi outpaced Cred in UPI transaction volume in October, processing 157.51 million transactions—a 30.81% jump from September—surpassing Cred’s 152.28 million transactions.

While the Sachin Bansal-led fintech took the lead in transaction count, Cred maintained its edge in transaction value.

Cred’s payments reached Rs 55,202.12 crore, up 15.06% from September’s Rs 47,982.71 crore. In comparison, Navi saw a larger value growth, with transactions increasing 35.03% to Rs 8,841.90 crore, though still falling short of Cred’s higher-value focus.

Notably, the number of transactions for new entrant Super.money grew from 25.75 million to 49.68 million, a 92.83% increase. The transaction value increased from Rs 1,131.59 crore to Rs 2,167.86 crore, reflecting a 91.52% rise.

Another new enterant Jio Payments Bank saw a 15.74% increase in transaction volume, rising from 2.79 million to 3.23 million transactions. The transaction value grew by 27.11%, from Rs 212.23 crore to Rs 269.69 crore.

Major players like PhonePe, Google Pay, and Paytm continued to dominate the ecosystem, with PhonePe retaining a nearly 50% market share by value.

In October 2024, UPI payments recorded 10.26% increase to 16,584.97 million transactions, from 15,041.75 million in September. The total transaction value rose by 13.85% from Rs 20,63,994.71 crore in September to Rs 23,49,821.45 crore in October.