'Haven't done justice to UPI': Sachin Bansal slams Amazon, WhatsApp
What's the story
Navi founder Sachin Bansal has slammed WhatsApp Pay and Amazon Pay for their poor integration of Unified Payments Interface (UPI) payments.
He said their negligence toward UPI has restricted their impact in India's fintech space.
"People have spent money but they haven't done justice to UPI. Whether you look at Amazon Pay, Flipkart's early attempts, or WhatsApp Pay, none of them made UPI a core focus," he said at Redseer's Ground Zero event in Bengaluru.
Market analysis
Bansal's critique of competitors' UPI integration
Further elaborating on his criticism, Bansal, who is known for founding and leading Flipkart, said these companies saw UPI as an additional feature, not a primary product.
"On WhatsApp, it's hard to even find where UPI is. On Amazon, it's impossible to figure out where to go to use it," he said.
In contrast, Bansal stressed Navi—his new fintech venture—has made UPI central to its business strategy.
Regulatory challenges
RBI's intervention and Navi's rise in UPI space
The Reserve Bank of India (RBI) had temporarily stopped Navi from lending for around 40 days over alleged usurious interest charges and loan evergreen practices. However, the restrictions were lifted on December 2.
Despite entering a PhonePe, Google Pay, and Paytm-dominated market, Bansal saw potential in the UPI sector as its full potential had not been realized yet.
Business strategy
Navi's growth and customer-centric approach
By focusing on customer experience, Navi has become the fourth-largest player in the UPI market.
Bansal claimed his company has beaten competitors on speed, number of taps required for payments, and transaction success rates.
"We track a lot of customer benchmarks, and we have exceeded most of them compared to competitors," he said.
Scenario
UPI to shift from debit-driven to credit-driven
Bansal also says that UPI will shift from debit-driven to credit-driven.
"The future of UPI isn't debit. A large share of UPI transactions will be powered by credit rather than direct bank transfers. Payments will increasingly rely on credit products, offering rewards and other benefits," he stated.
His comments come as India's digital payments landscape evolves, with rapid adoption of services like Rupay Credit on UPI.
Popularity
Growing influence of Rupay credit cards
According to Bansal, Rupay credit cards now account for 60% of all credit card spends in India, with 90% of those transactions happening on UPI.
Bansal's words come three weeks after he resigned as the CEO of Navi. He will continue in the capacity of Executive Chairman of the Navi Group.