Flipkart’s Super.money Soars To 6th Place In UPI Rankings With 58% Transactions Growth In Nov

Flipkart's UPI app Super.money has surged to become the sixth-largest UPI player in India as of November 2024. The Bengaluru-based fintech company achieved this major milestone since launching its UPI operations in July 2024.

Super.money's Growth on UPI

According to the data from the National Payments Corporation of India (NPCI), Super.money processed 78.49 million transactions in November, amounting to a total value of Rs.3,130 crore, This represents a notable 58% increase in transactions on a month-on-month basis, up from 49.68 million transactions and Rs.2,167 crore in October when the app was place 12th in the list because of its rapidly expanding digital payment method.

Meanwhile, Flipkart's in-app UPI payment platform also posted 13 million transactions in November which fell slightly as the October month saw 14.5 million transactions.

Top UPI Players in November 2024

According to the UPI data for November, the top three players in the market remain in charge. PhonePe continued to be the top most used UPI app in the market, processing 7.40 billion transactions, followed by Google Pay which took the second spot with 5.73 billion transactions. And third ranked was Paytm with 1.07 billion. However, all three applications saw a decrease in transaction volume from October, with PhonePe and Google Pay conducting fewer transactions in November as compared to October data.

Decline in Overall UPI Transactions

Despite Super.money's surge, the broader UPI ecosystem saw a dip in total transactions in November 2024. The total number of UPI transactions processed across the country dropped by 7% to 15.48 billion compared to the previous month. The total value of these transactions also saw an 8% decrease, falling to ₹21.55 trillion. This decline followed a record high in October, largely driven by the festive season, which typically sees a spike in consumer spending.

Other Emerging UPI Players

Apart from these most well known UPI apps the arrival of newcomers in the market continues to influence the competitive setting for UPI. One of the recent entrants is Navi, which began UPI operations in August 2023, managed to secure the fourth position in the list of largest UPI players in November, with 152.95 million transactions. Similarly, Cred performed well, processing 138.24 million transactions during the same time period. Both companies have been gaining huge popularity recently and are slowly heading towards dominating India's rapidly expanding digital payments market.