Sachin Bansal’s fintech venture, Navi, has upped the ante in the digital payments arena by introducing enticing rewards and cashback offers for users making transactions through UPI.
This move marks a strategic leap for Navi as it gears up to compete with established players in the market.
Earn Rewards with Every UPI Transaction
Navi users can now enjoy a rewarding experience with every UPI transaction. The platform offers coins for each UPI payment, with 10 coins equating to Rs 1.
Additionally, users stand to benefit from referral rewards when their acquaintances download the app and utilize it for purchasing digital gold or opening a mutual fund account.
Navi’s Strategic UPI Marketing Plans
In a recent conversation with Moneycontrol, Sachin Bansal revealed Navi’s strategic plans to revolutionize UPI marketing.
With an aim to introduce innovative approaches in the sector, Navi is gearing up for a dynamic market entry to challenge existing players.
Bansal stated, “We believe that there is a need to do something new here. We will announce it when the time comes.
We believe that we will try to bring something new in UPI. We are working in this regard and we hope that it will be successful.”
Investing in Growth: Navi’s UPI Promotion Budget
According to banking sources, Navi has earmarked a substantial budget of Rs 200 crore for UPI-related promotions this year.
While this investment demonstrates Navi’s commitment to capturing a significant market share, experts suggest that achieving substantial traction in the UPI space will require consistent efforts, considering the industry’s scale and competition.
A senior banker overseeing digital payments commented, “The amount allocated by the app for UPI can be called a good budget.
However, we are talking about 1 billion transactions a month to reach 6-7% market share. It is a long journey.”
Navi’s UPI Performance
As per the National Payments Corporation of India (NPCI) website, Navi facilitated 30 lakh transactions amounting to Rs 94 crore on the UPI platform in March.
In comparison, industry leader PhonePe processed over 6.5 billion transactions worth Rs 10 lakh crore during the same period, highlighting the competitive landscape Navi aims to navigate.
