Rewards and cashback boost UPI growth for select fintechs
Smaller apps decline amid rewards experimentation 
For smaller apps hoping to stand out, success will mean building sustainable reward systems that really connect with niche audiences.
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.
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.
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