POPclub's UPI transactions crash 85% after cashback offers end
Fintech startup POPclub, backed by Razorpay, saw its UPI payments skyrocket to nearly 64 million in July 2025—then tumble to just 9.5 million by December after it phased out cashback incentives.
The sharp drop highlights how quickly user habits can change when rewards disappear.
From peak growth to sudden fall
POPclub's transaction numbers grew fast through early 2025 but collapsed once the popular cashback deals were phased out, falling from their July high to a fraction of that by year-end.
Cashbacks swapped for POPcoins
Trying to keep young shoppers interested, POPclub switched from cashbacks to merchant-funded "POPcoins" as rewards on its app and RuPay card.
CEO Bhargav Errangi said cashbacks mainly attracted users who didn't bring lasting value.
Still in the game—but facing giants
Razorpay's $30 million investment last year helped POPclub expand, but the recent slump shows how tough it is for new players competing with big names like PhonePe and Google Pay, who dominate India's digital payments scene.