CURRENT AFFAIRS
CURRENT AFFAIRS
Description
POP, a fintech startup created by former Flipkart workers, has launched India's first multi-brand co-branded credit card, in collaboration with RuPay and Yes Bank. This unique card, known as the YEB BANK POP-CLUB RuPay credit card, combines big brands like Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy to target key everyday spending sectors including as e-commerce, grocery, food and beverages, travel, and health and fitness.
Card Features And Benefits
Cardholders receive POPcoins on every transaction, with additional benefits when using the card with POP UPI. The earning rate is 10% POPcoins for online transactions, 2% for offline transactions, and an additional 5% for POP UPI transactions. POPcoins can be redeemed within the POP app for products in a variety of categories, including beauty, technology, fashion, and home goods. Additionally, POPcoins can be used to make purchases with the partner brands.
Exclusive Joining Benefits
The card has no signup charge and offers special incentives worth Rs 5,000. This offer includes 500 bonus POPcoins, a 6-month Pharmeasy Plus membership, a Rs 750 Cleartrip flight voucher, a Rs 500 Cult voucher, a three-month Zomato Gold membership, and a Rapido ride pass.
UPI And E-Commerce Integration
Since introducing its UPI + e-commerce app platform in June 2024, POP has witnessed substantial adoption, topping one million UPI transactions in just two months. The new credit card attempts to capitalize on this expansion by integrating with the developing RuPay network, thereby improving the value proposition for consumers.
RuPay Key Points
Introduction- The National Payments Corporation of India (NPCI) launched RuPay, an Indian domestic card scheme, in 2012.
Goal- To provide a low-cost payment option for Indian consumers while reducing reliance on multinational card networks such as Visa and MasterCard.
Coverage- Debit, credit, and prepaid cards are accepted at ATMs, POS terminals, and internet payments throughout India.
Features- Supports both domestic and international transactions, with advantages such as decreased transaction costs and increased security.
Partnerships- Collaborates with many banks and financial organizations in India and has begun to expand globally.
UPI Integration- Used in conjunction with the Unified Payments Interface (UPI) to provide smooth digital transactions.
Government Support- The Indian government promotes digital payments and financial inclusion.
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