Razorpay enters consumer UPI space

According to the National Payments Corporation of India (NPCI), POP is currently the 21st largest player in the Unified Payments Interface (UPI) sector, processing 13.6 million transactions in May 2025.

Fintech giant Razorpay has made a significant move into the consumer UPI segment by leading a $30 million investment round in the digital payments and rewards platform, POP, thereby becoming the majority shareholder.

This development follows Razorpay's recent acquisition of the loyalty platform PoshVine and the launch of its marketing technology stack, Razorpay Engage. The investment in POP signifies the company's expansion beyond its core payment infrastructure into consumer-facing commerce, loyalty, and engagement solutions.

“The investment aligns with our focus on helping direct-to-consumer (D2C) merchants drive customer loyalty,” said Harshil Mathur, the co-founder and CEO of Razorpay. “POP bridges a critical gap by combining instant rewards, seamless payments, and brand discovery within a single platform.”

Launched in June 2024, POP operates a UPI app centered around a rewards-driven model. The platform integrates payments, commerce, and credit offerings, allowing users to earn POPcoins, a multi-brand, brand-funded rewards currency, with every transaction. In just one year, POP has scaled to over six lakh daily UPI transactions and has reached more than one million unique monthly active users. Additionally, it has fulfilled over two lakh monthly commerce shipments and issued more than 40,000 RuPay credit cards in partnership with Yes Bank.

According to NPCI, POP is currently the 21st largest UPI player in the country, processing 13.6 million transactions in May 2025, with the total transaction value for the month exceeding Rs 500 crore.

“India doesn’t need another cashback app,” said Bhargav Errangi, the founder of POP. “With Razorpay’s backing, we aim to create a purpose-driven, loyalty-first payments ecosystem that benefits both consumers and businesses.​

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