Top News

Payment app super.money has become the fifth largest UPI player in February, overtaking Kunal Shah-led CRED

PhonePe continued to lead the race with 765.6 Cr transactions worth INR 11.18 Lakh Cr

Overall, UPI transactions dropped 5% month-on-month (MoM) to 16.11 Bn in February from 16.99 Bn in the preceding month and 3.7% from 16.73 Bn

Breaking the monotony in the UPI market share, payment app super.money has become the fifth largest UPI player in February, overtaking Kunal Shah-led CRED.

While the Flipkart-backed fintech processed 13.9 Cr UPI transactions in the month of February, CRED processed 12.6 Cr transactions.

As per the National Payments Corporation of India’s (NPCI) February data, super.money facilitated transactions worth INR 4,812.4 Cr. However, the value of transactions recorded by CRED remains higher at INR 45,127.7 Cr.

Overall, UPI transactions dropped 5% month-on-month (MoM) to 16.11 Bn in February from 16.99 Bn in the preceding month and 3.7% from 16.73 Bn in December 2024. However, on a year-on-year (YoY) basis, the transaction count surged 33% in February.

Despite a slight dent on the UPI numbers in the month under review, PhonePe continued to lead the race with 765.6 Cr transactions worth INR 11.18 Lakh Cr. However, the transaction volume declined 5.5% MoM from 810.2 Cr recorded in the preceding month.

The fintech giant retained its position in the UPI landscape with 48.2% market share.

Holding onto its second position, Google Pay accounted for 36.8% market share with 583.6 Cr transactions in February, down 5.6% from 618.3 Cr transactions in the preceding month .These transactions were valued at INR 7.71 Lakh Cr.

After PhonePe and Google Pay, Vijay Shekhar Sharma-led Paytm retained its third position in the UPI landscape with 107.9 Cr transactions in the month under review. However its market share continued to drop to 6.80% from 6.87% in the preceding month.

Amid its upcoming IPO plans, Sachin Bansal’s Navi became the fourth largest UPI app player in the country. The volume of its UPI transactions surged 7.3% to 26.1 Cr in February from 24.28 Cr in the previous month.

While super.money’s market share surged to 0.9% from previously standing at 0.7%, CRED continued to lose its market share due to decline in the number of transactions recorded to 12.6 Cr from 13.7 Cr in January and 14.3 Cr in December.

It is pertinent to note that super.money recently bought buy-now-pay-later (BNPL) fintech startup BharatX in an undisclosed financial deal to strengthen its credit offerings.

On the overall UPI front, the homegrown payments infrastructure has completed its integration with Qatar National Bank (QNB). The UPI service is set for a mass launch soon in Qatar.

On this note, RBI governor Sanjay Malhotra also said that the central bank is working to enhance the efficiency of cross-border payments.

Citing the growing digital payment landscape in India, bankers recently sent a proposal to the Centre to reintroduce the merchant discount rate (MDR) on transactions made through UPI and RuPay debit cards.

In February, the central bank also allowed small finance banks (SFBs) to offer pre-sanctioned credit lines via UPI.