Navi, a fintech platform owned by Flipkart co-founder Sachin Bansal, has launched a rewards program for UPI users.The program awards coins for each UPI transaction conducted on the platform.The conversion rate is set at 10 coins per rupee. However, the number of coins earned per transaction varies and is based on luck.Additionally, referral rewards are offered when a referred individual downloads Navi and uses it to purchase digital gold or open a mutual fund account.
Campaign launch
In a conversation with Moneycontrol, Bansal revealed that Navi is preparing to launch a marketing campaign for UPI."We believe there's new stuff to be done over there. We will announce it when it comes," said Bansal.He further added, "Give us a few months, we have some things we are doing and we are hoping it will work."The goal of the campaign is to introduce a fresh perspective and compete with existing market players.
Investment plan
Navi has reportedly set aside ₹200 crore for UPI-related promotions this year.This significant investment is part of the company's aggressive strategy to gain a foothold in the UPI market.The move comes amidst growing concerns about the duopoly of Walmart-owned PhonePe and Google Pay, which together control over 85% of the market share in this sector.
Navi recently rebranded its app on Google Playstore as 'Navi: UPI, Investments and Loans', highlighting its focus on the payments platform.Despite strong marketing and cashback offers, emerging players like CRED, Amazon Pay, and WhatsApp Pay have struggled to secure a significant market share.Acknowledging the intense competition, Bansal stated, "Yes, the competition is very large. Of course, market share-wise, it looks like a duopoly kind of thing."
Market dynamics
Interestingly, Flipkart, which Bansal left in 2018, ventured into the UPI market a month ago.PhonePe, incubated in Flipkart and separated in 2020, is currently the market leader with around 50% share.This comes as Paytm's market share has declined from approximately 13% last year to around 9% in March due to RBI's regulatory action against its associate company, Paytm Payments Bank.UPI is the most popular digital payments system in India, accounting for about 75% of all online transactions.
Dear abhishek012 your Navi Cash loan is approved. Go to the Navi App now to get bank transfer instantly.
Click Here https://g.navi.com/1fi...12
Ahh! Another trash app which takes admin control of phone, steals all personal data & blackmails you later with it
All Payment apps are gonna fail xD end of cycle (unless they have suporting business to subsidize the loss of UPI payment management cost)
NO use when everyone can get NEFT free xD so only for convenience every one use UPI, so it can't be monetized, the moment UPI is put in monitization mode.. mostly people will move to other apps which offer free stuffs:) or NEFT again
UPI is non monetizable for now:) so like every UPI app that strugges to make profits Navi gonna fail in this payments platform, another failure app to add in payments platform
By the way, Navi's lure is to get you drugged into its Loan app lol dont fall for it (so Navi is subsidizing its UPI management cost using Loans trap lol) dont fall for cashback
Dont fall for Navi
1) Navi charges Huge interest like all other NBFC
2) Navi app is worst it will keep asking OTP everytime
3) Navi app will keep fetching PAN on every refresh of loan amount (worst for cibil) EVERY TIME ITS HARD HIT
4) It is mandatory to accept contact sharing lol not in our control.. dont use shitty apps like this xD that demands your personal information
See if they offer things for free we are the product... here our family and friends are the product with FORCED contact ACCESS
3rd party UPI apps received only 0.02% interchange fees for UPI transaction.
The business model of these apps is not to earn money from UPI,
Before 2020, MDR was available on UPI, these apps received only 0.02% interchange fee but GPay, Phonepe apps spend Rs 1000 to 2000 crores every year to grab more customers.
Why ? Because they can sell other services in the future.
Shocked to know that the Navi app is still alive 🤭
Avoid. Another Shady App. Brother of Bajaj Finance.
All Payment apps are gonna fail xD end of cycle (unless they have suporting business to subsidize the loss of UPI payment management cost)
NO use when everyone can get NEFT free xD so only for convenience every one use UPI, so it can't be monetized, the moment UPI is put in monitization mode.. mostly people will move to other apps which offer free stuffs:) or NEFT again
UPI is non monetizable for now:) so like every UPI app that strugges to make profits Navi gonna fail in this payments platform, another failure app to add in payments platform
By the way, Navi's lure is to get you drugged into its Loan app lol dont fall for it (so Navi is subsidizing its UPI management cost using Loans trap lol) dont fall for cashback
Dont fall for Navi
1) Navi charges Huge interest like all other NBFC
2) Navi app is worst it will keep asking OTP everytime
3) Navi app will keep fetching PAN on every refresh of loan amount (worst for cibil) EVERY TIME ITS HARD HIT
4) It is mandatory to accept contact sharing lol not in our control.. dont use shitty apps like this xD that demands your personal information
See if they offer things for free we are the product... here our family and friends are the product with FORCED contact ACCESS
All Payment apps are gonna fail xD end of cycle (unless they have suporting business to subsidize the loss of UPI payment management cost)
NO use when everyone can get NEFT free xD so only for convenience every one use UPI, so it can't be monetized, the moment UPI is put in monitization mode.. mostly people will move to other apps which offer free stuffs:) or NEFT again
UPI is non monetizable for now:) so like every UPI app that strugges to make profits Navi gonna fail in this payments platform, another failure app to add in payments platform
By the way, Navi's lure is to get you drugged into its Loan app lol dont fall for it (so Navi is subsidizing its UPI management cost using Loans trap lol) dont fall for cashback
Dont fall for Navi
1) Navi charges Huge interest like all other NBFC
2) Navi app is worst it will keep asking OTP everytime
3) Navi app will keep fetching PAN on every refresh of loan amount (worst for cibil) EVERY TIME ITS HARD HIT
4) It is mandatory to accept contact sharing lol not in our control.. dont use shitty apps like this xD that demands your personal information
See if they offer things for free we are the product... here our family and friends are the product with FORCED contact ACCESS
3rd party UPI apps received only 0.02% interchange fees for UPI transaction.
The business model of these apps is not to earn money from UPI,
Before 2020, MDR was available on UPI, these apps received only 0.02% interchange fee but GPay, Phonepe apps spend Rs 1000 to 2000 crores every year to grab more customers.
Why ? Because they can sell other services in the future.