Flipkart-backed super.money jumps to sixth position in UPI volumes

Flipkart-backed super.money has become the seventh-largest player and the sixth-largest third-party application provider (TPAP) on the country’s real-time payments system, Unified Payments Interface (UPI), in November.

 

In October, the company was the 12th-largest player on UPI.

 

The Bengaluru-based company processed 78.49 million transactions amounting to Rs 3,130 crore in November, up 58 per cent on a month-on-month basis, from 49.68 million transactions with a total value of Rs 2,167 crore, data from the National Payments Corporation of India (NPCI) shows.

 

The company launched UPI operations in July 2024.

 

Meanwhile, the UPI ecosystem recorded a dip in the total number of transactions processed in the country cumulatively last month.

 

Transactions saw a 7 per cent drop in volume to 15.48 billion and an 8 per cent fall in value to Rs 21.55 trillion in November compared with the previous month. In October, they touched an all-time high, driven by festive sales.

 

The dip in transactions following the festive spree in October was visible across the top three UPI players, which corner about 92 per cent of UPI volumes.

 

PhonePe recorded 7.40 billion transactions in November, followed by Google Pay’s 5.73 billion and Paytm’s 1.07 billion. On average, PhonePe and Google Pay processed 483 million fewer transactions in November compared with the previous month.

 

Navi, which started UPI operations in August last year, continued to maintain its position as the fourth-largest player in the ecosystem, followed by Cred. Navi processed 152.95 million transactions, and Cred saw volumes of 138.24 million.