New UPI players weaponise cashback to chip away at PhonePe-Google Pay duopoly
super.money, Navi, POP and Kiwi are using aggressive cashback and rewards to acquire users for credit, commerce and RuPay card plays. The PhonePe-Google Pay combined share slipped to 79% in May from 83% in January, while Paytm's promotional cashback jumped 154% QoQ to ₹104 cr in Q4.
New UPI players like POP, super.money, Navi and Kiwi are using cashback and rewards as acquisition hooks for stickier credit, commerce and RuPay card businesses, pressuring incumbents like Paytm to ramp promotional spending.
Why this matters
super.money is part of a new UPI cohort using cashback to break the PhonePe-Google Pay grip, mirroring Paytm's ₹104 cr Q4 promotional push and signalling renewed incentive wars in payments.
Retail-company signals steady at 3,381 over 90 days, with UPI cashback re-emerging as a core acquisition lever.