Razorpay-backed POPclub Sees Sharp Drop in UPI Transactions After Incentive Changes

POPclub, a UPI payments startup backed by Razorpay, has experienced an 85% decline in monthly transaction volumes, dropping from 63.7 million in July 2025 to 9.5 million by December. This significant fall occurred after the company phased out cashback incentives. POPclub's founder stated this is a deliberate shift away from cashback-driven growth towards acquiring quality customers, viewing the previous strategy as a distraction. Razorpay had invested $30 million for a majority stake in the 2023-founded startup, which offers a rewards-first UPI app.