Archive · 23 Aug 2026
Fintechs Turn UPI Payments Into Gen Z Engagement Platforms
UPI is used for billions of payments in India every month.
Fintech companies now want payments to do more than simply transfer money.
They are adding shopping, rewards and other services to payment apps.
This is especially aimed at Gen Z and younger millennials.
For example, POP gives users POPcoins when they make everyday payments.
The coins can be used with certain consumer brands.
Fintech companies also believe payment habits may help them understand young people who have limited credit histories.
The goal is to keep customers engaged and create more useful financial services.
India recorded more than 18 billion UPI transactions in a month, making payments a major digital infrastructure.
Fintech companies are adding rewards, commerce and financial services around payments to attract younger consumers.
POP combines UPI payments with shopping and awards POPcoins redeemable across selected consumer brands.
The industry is shifting from costly cashback strategies toward longer-term consumer engagement.
UPI activity and spending patterns could provide additional signals for designing credit products for young consumers.
- Who
- Indian fintech companies, including Bengaluru-based POP, are targeting Gen Z and younger millennials.
- What
- Fintechs are combining UPI payments with rewards, commerce and potentially more personalized financial services.
- When
- The article does not specify a date for the broader industry shift; POP was founded in 2023.
- Where
- India, with POP based in Bengaluru.
- Why
- Fintechs are seeking more sustainable customer engagement as cashback becomes more expensive and young consumers expect added value from payments.
- UPI scale
- India processes more than 18 billion UPI transactions in a month, according to NPCI.
- Example fintech
- POP was founded in 2023 and combines UPI payments, commerce and rewards.
- Reward system
- POP users receive POPcoins for everyday transactions and can redeem them across a curated network of consumer brands.
- Industry shift
- Fintech companies are moving from cashback-led acquisition toward engagement-focused models.
- Credit opportunity
- UPI transactions, recurring payments and spending patterns may provide behavioral signals for assessing young consumers.
- Market forecast
- A BCG and QED Investors report projects India’s fintech sector could grow nearly three-fold by 2030.