India's UPI gains global traction as rewards drive expansion into new markets

Fintech platform Pop, backed by Razorpay, has launched a rewards‑focused campaign in India, offering users a Pop Coin for every UPI payment to differentiate its app in a crowded market where Google Pay, PhonePe, Paytm and others provide similar services. The move reflects a broader industry shift toward loyalty incentives as UPI transactions generate no direct revenue for payment apps.

At the same time, India’s Unified Payments Interface is being adopted abroad, with countries such as Singapore, France, the United Arab Emirates, Nepal, Qatar, Greece and Indonesia signing agreements to use the open‑infrastructure system. Partnerships with HSBC India and J.P. Morgan aim to enable real‑time foreign‑exchange settlement for cross‑border UPI payments, positioning the technology as a low‑cost alternative to traditional card networks and SWIFT.

The combined domestic rewards push and international rollout underscore India’s strategy to export its Digital Public Infrastructure, potentially reshaping digital finance in emerging economies.