The initiative aims to address the challenges faced by brands in terms of high customer acquisition costs and crowded marketplaces. POPcoins can be redeemed across various brands, acting as an alternative payment currency during shopping. The company has already onboarded 140 brands onto its network, offering POPcoins as a replacement for traditional loyalty programs and points systems.
Founded in 2023 by a team of former Flipkart employees, POP is aiming to revolutionize how today's Indian consumers shop and pay.
In a LinkedIn post the company announced, "UPI transactions are transactional. It's time to change that. In order to make them more rewarding, we need to redefine how payments are done. We're super proud to announce that we're launching our own UPI soon. With better luck everytime: you'll earn POPcoins on every UPI transaction you make."
"Predictable rewards applicable on every UPI transaction. Whether you're scanning the code at your local vegetable vendor or sending money to friends after a scrumptious meal you earn POPcoins, everytime... Say goodbye to scratch-cards & accumulation of millions of worthless points. It's time to get REAL. You might say, 'There are a multitude of UPI payment platforms available in the market, what sets POP UPI apart?' , Our answer? Rewards! Real rewards" the company’s LinkedIn post added.
The innovative platform, POP, is designed to empower brands with deeper data insights and offer a streamlined shopping experience. POPcoins, the platform's exclusive reward currency, will enable users to earn discounts and benefits across various brands, enhancing customer loyalty and engagement.
The marketplace aims to alleviate the high customer acquisition costs and the challenge of visibility in crowded marketplaces that brands often face. By providing a no-frills approach and a reward system that replaces traditional loyalty programs, POP is set to create a new paradigm in the e-commerce ecosystem.
Additionally, users will receive a 2% reward in POPcoins on every transaction made through POP's UPI handle. This initiative by POP is designed to address the high customer acquisition costs and crowded marketplaces that brands currently face.
To recall, earlier this month Flipkart too had launched its UPI handle for Android users to enhance its digital payment offerings for all customers including Flipkart’s 500+ million customers.
POP, known for its marketplace for D2C brands, was founded by Bhargav Errangi, a former senior director at Flipkart with a history of scaling loyalty programs like Payback and Flipkart Supercoins. Since its launch in early May of the previous year, POP has onboarded 140 brands, offering its rewards currency POPcoins, which can be redeemed across various brands.
Some of the brands that have joined the POP platform include Perfora, Slurrpfarm, Anveshan, and Khadi Essentials. These brands, along with others, have integrated their loyalty constructs with POPcoins, allowing customers to earn and redeem these coins across the network of brands.
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