Rewards and cashback boost UPI growth for select fintechs
Fintech apps like POP, super.money, Navi, KreditPe, and Kiwi are using rewards and cashback to win over UPI users and expand into credit and other financial services.
Even big names like Paytm are spending more on rewards to keep up.
It's working for some: Navi's UPI transactions jumped from 709.26 million to 824.11 million between January and May 2026, while super.money saw a boost from 298.41 million to 418.84 million.
Smaller apps decline amid rewards experimentation
Not everyone's riding the wave. Smaller apps like POP have seen their transaction numbers drop from 8.50 million to 6.97 million in the same period.
As newer fintechs try creative strategies (like RuPay credit cards or merchant-funded rewards), the risks are real; for example, POPclub's volume plummeted by 85% after phasing out cashback incentives.
Google Pay PhonePe 79% UPI share
Despite all these new moves, Google Pay and PhonePe remain the top dogs, holding a massive 79% share of UPI transactions as of May 2026.
For smaller apps hoping to stand out, success will mean building sustainable reward systems that really connect with niche audiences.