Unified Payments Interface (UPI) in India is witnessing a significant shift.

While top players continue to dominate, smaller companies are displaying growth, driven by differentiated strategies and expanding use cases.

Smaller players on the UPI leaderboard, such as Navi, Groww, and MobiKwik, have shown remarkable year-on-year (Y-o-Y) growth.

Navi, owned by Sachin Bansal, jumped to sixth place in August last year, processing 88.71 million transactions, surpassing Amazon Pay, which processed 70.72 million transactions in the same month. 

Fintechs such as Groww and MobiKwik, which will have its initial public offering, have seen their volumes more than treble on a Y-o-Y basis