Who's next in the UPI race?

Who’s Next in the #UPI Race? 🚀💰
We all know the top three players dominating the UPI space, but have you ever wondered about the challengers chasing them? The #DigitalPayments ecosystem is evolving rapidly, and the competition is heating up! 🔥

Here’s a peek at the Sept '24 data:
4th Place: #Cred
With Cred becoming the default #CreditCard bill payment app (some say over 70% of CC payments are done via the app) and #cashback (pennies) on regular UPI transactions, Cred has climbed the ranks swiftly. The app’s unique value proposition has captured users' attention looking for utility and rewards.

5th Place: #Navi
Navi, initially fueled by liberal cashback and strong loan book repayments through UPI, holds its ground. However, with RBI tightening its grip and halting its ability to issue new loans from 21st Oct, the future looks uncertain. Will this impact their UPI growth? Time will tell. ⏳

6th Place: #AxisBank
Surprisingly, Axis Bank ranks the highest among banking apps, showing that banks can still play ball in the UPI space. Axis quietly outperforms competitors like ICICI’s Pockets and HDFC Payzapp without any promotions. Maybe the branches are the secret sauce here? 🤔

Other Notable Contenders:
#AmazonPay: With Amazon as the default shopping platform for most, it’s no surprise Amazon Pay ranks in the top 10. In Oct it might rank even higher given the sales season, but would consumers use it for daily transactions, remains an open question!
#WhatsApp: At number 10, Despite being the default messaging app for most of India, its UPI feature remains underused. Is the #HaloEffect overrated? 💬
An old post I wrote on Halo effect -
https://lnkd.in/g9zCfFGj?

Apps to Watch:
- #HDFC #Payzapp: With HDFC Bank’s vast customer base and some innovative features in the app, could this app shake things up in the near future?
- Supper.money: Riding on its high-profile GOAT ads, let’s see if the cashback rewards help this newcomer build lasting user loyalty.

Which UPI app do YOU use, apart from the top 3 (PhonePe, GPay, Paytm), and why? And which one do you think has the potential to break into the top 3? Let’s hear your thoughts!

Data source - https://lnkd.in/gG_4ijmE

Image Credits - #Entrackr