The company built its UPI stack in partnership with financial firms such as Yes Bank and Juspay
Bengaluru: Bengaluru-based startup Pop has received approval as a third-party application provider (TPAP) from the National Payments Corporation of India (NPCI) to offer unified payments interface (UPI) payments via its Popclub app, the company announced in a press release on Thursday.
Pop built its UPI stack in partnership with financial firms such as Yes Bank and Juspay. Differentiating itself from other UPI players, Pop emphasises 2% value back via its shopping currency Popcoins for every transaction.
“Popcoins-led rewards offer a predictable and consistent reward promise compared to the luck-based and gamified models of other UPI apps. These Popcoins can be effectively used to purchase over 100,000 stock keeping units consumed by our target audience,” said Bhargav Errangi, founder of Pop.
“Our ambition is to position Popcoins as the shopping currency for purchasing the new-age products/services that resonate with evolving new age Indian consumer’s preferences,” he added.
Pop enhances shopping and payment experiences of direct to consumer (D2C) brands and has curated over 500 such brands.
Its core team comprises former Flipkart employees and has also closed a seed funding round of $ 2.4 million last year led by venture capital firm India Quotient with participation from a group of prominent angel investors.
The funding will help expedite the implementation of various initiatives including the Pop UPI service that will enable users to earn Popcoins, that’s already used by over 200 online merchants, with every UPI transaction made through the Popclub app.
Pop joined players like Google Pay, PhonePe, WhatsApp, Cred and Paytm as a third-party app authorised to provide UPI payments. Marketed as ‘designed to reward’, Popclub UPI application is now rolled out with launch rewards and is now available to download on Google Play Store and Apple App store.
