Behind the UPI App leaderboards, there are banks powering each leg of the UPI transaction. Yes Bank & Axis are leading the charge, as top choice of partner for UPI Apps & merchants to power UPI txns
Just a doubt, Navi does more transactions than CRED, but CRED still leads on value makes sense since it’s used by more affluent users.What I find interesting is SuperMoney: ~252M transactions (pretty solid volume) but it doesn’t even crack the top 10 by value. Why?
My guess was it’s largely tied to Flipkart’s “Buy Now, Pay Later” option. But even then, given Flipkart’s higher AOV compared to generic UPI spends, the cumulative value should be significant.Curious what I’m missing here or assuming wrong.
SuperMoney, while its part of the FK payments play, its not just BNPL. It operates pretty much as a standalone app. Also, if you look at the data, any standalone app, which doesn't have a CC on UPI play (such as Kiwi, or now Rio), their AoV is spectacularly low, mostly because it's not used as a default app per se, but primarily for rewards. Pop is another example.
Appreciate the deep dive. Thanks a lot
Thanks for reading!
Very insightful, thanks
Appreciate you reading!
Well written as always!
Just a doubt, Navi does more transactions than CRED, but CRED still leads on value makes sense since it’s used by more affluent users.What I find interesting is SuperMoney: ~252M transactions (pretty solid volume) but it doesn’t even crack the top 10 by value. Why?
My guess was it’s largely tied to Flipkart’s “Buy Now, Pay Later” option. But even then, given Flipkart’s higher AOV compared to generic UPI spends, the cumulative value should be significant.Curious what I’m missing here or assuming wrong.
SuperMoney, while its part of the FK payments play, its not just BNPL. It operates pretty much as a standalone app. Also, if you look at the data, any standalone app, which doesn't have a CC on UPI play (such as Kiwi, or now Rio), their AoV is spectacularly low, mostly because it's not used as a default app per se, but primarily for rewards. Pop is another example.