Fintech giants PhonePe and Google Pay’s combined UPI market share slipped to 79% in May, according to data from the National Payments Corporation of India (NPCI), after holding over 80% in the last several years.
This comes at a time when smaller UPI third-party payment applications like Navi and Supermoney have upped their cashback offers and are spending aggresively to grab significant market share. Also, well-funded fintech startups like Scapia secured its TPAP licence recently and players like Pop Club have started playing a dual commerce cum payments play using UPI as a hook.
