POP Unveils India's First Multi-Brand Co-Branded Credit Card with RuPay and Yes Bank

Tags: Economy/Finance

POP, a fintech start-up founded by former Flipkart employees, has introduced India’s first multi-brand co-branded credit card, the YEB BANK POP-CLUB RuPay Credit Card. 

An Overview of the News

• YEB BANK POP-CLUB RuPay Credit Card is developed in collaboration with RuPay and Yes Bank.

• The launch took place at the Global Fintech Festival (GFF) with notable attendees including Mr. Nalin Bansal from NPCI and Mr. Amit Sinha from Yes Bank.

Features and Benefits

• Multi-Brand Integration: The card features partnerships with brands like Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy, covering categories such as e-commerce, groceries, F&B, travel, and health & fitness.

• Rewards Structure: 

  • Users can earn rewards known as POPcoins. 

  • The card offers 10% POPcoins on online transactions, 2% on offline transactions, and an additional 5% when used with POP UPI. 

  • There is no joining fee, and cardholders receive exclusive benefits worth ₹5,000.

• UPI Transactions: POP has surpassed 1 million UPI transactions and aims to leverage the RuPay network to enhance credit access on UPI.

• User Interest: The pre-launch waitlist saw 32,000 customers sign up without any marketing efforts, demonstrating strong market interest.

About POP

• Company Background: 

  • Founded in May 2023, POP is an e-commerce enabler with a fintech component. 

  • The platform has onboarded over 200 brands and aims to expand to 500 brands and 10 million customers by the end of the year.

• Recent Developments: POP secured $2.4 million in seed funding and recently launched its UPI + e-commerce app platform, allowing users to earn POPcoins on each UPI transaction.