Navi starts offering cashbacks for UPI payments

Navi starts offering cashbacks for UPI payments

PhonePe reigns supreme in the UPI market, holding a whopping 50% share. In comparison, Navi’s market presence is minuscule, like a single drop in a vast ocean. Interestingly, Flipkart, co-founded by Sachin Bansal and the company that birthed PhonePe in 2020, just recently entered the UPI arena itself.

Sachin Bansal’s fintech app Navi has introduced rewards and cashback incentives for users making payments via the unified payments interface (UPI) on its platform.

Navi UPI is a Unified Payments Interface (UPI) service offered by the Navi app, a financial super app in India. With Navi UPI, you can make instant and secure money transfers directly between bank accounts.

Here are some of the key features of Navi UPI:

• Instant money transfers: You can send and receive money directly to any bank account in India that is UPI enabled, 24/7.
• Bill payments and recharges: You can use Navi UPI to conveniently pay your bills and recharge your mobile phone or other prepaid services.
• Scan and pay: Pay at shops and merchants easily by scanning their QR codes using the Navi app.
• Online payments: Make seamless online payments on various apps and websites using Navi UPI.
• Navi UPI Lite: Enjoy hassle-free payments for smaller amounts with Navi UPI Lite, which doesn’t require a PIN for transactions below a certain limit.

Here are some additional benefits of using Navi UPI with the Navi app:

• All-in-one financial app: Navi offers a variety of other financial products and services besides UPI, such as mutual funds, digital gold, health insurance, and cash loans.
• Potentially lower investment expense ratios: Navi claims to offer competitive expense ratios on their mutual funds, which could mean lower fees for you.

To start using Navi UPI, you’ll need to download the Navi app and link your bank account. Navi UPI is regulated by NPCI (National Payments Corporation of India) and RBI (Reserve Bank of India), so you can be assured of its security.

Navi starts offering cashbacks for UPI payments

For each UPI transaction, customers will receive coins, with 10 coins equating to one rupee, in a fixed rewards system similar to those used by credit cards. The number of coins awarded is based on luck and varies with each transaction. Additionally, there are referral rewards if the referred individual downloads and uses Navi to purchase digital gold or open a mutual fund account.

In an exclusive interaction, the Flipkart cofounder mentioned that Navi is preparing to launch its UPI marketing campaign and will introduce a fresh approach to challenge current market players.

“We believe there’s new innovation to be made in this space. We will announce it when the time is right. We are confident that we can bring a unique perspective to UPI, which we are eager to try. Give us a few months, as we are working on some initiatives and hope they will be successful,” Bansal said.

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