Flipkart has introduced its new Unified Payments Interface (UPI) app, super.money, currently in beta mode. The launch comes over a year after Flipkart’s separation from the WalMart-backed fintech, PhonePe.
Initial Launch and Availability
The super.money app is available for download on the Google Play Store and will initially be accessible to 100,000 users during its beta phase. This controlled rollout aims to gather user feedback and make necessary improvements before a wider release.
Features and Banking Partners
According to its description, super.money offers “credit with the speed of UPI” through a partnership with Utkarsh Small Finance Bank. Axis Bank and IndusInd Bank are also listed as banking partners. One of the app’s key features is the provision of up to 5% “real cashback” on transactions, positioning it as a user-friendly alternative to other rewards-based financial services.
“With an uncluttered UX and focus on great rewards for every transaction, super.money intends to change the way people engage with and consume financial services. The super.money team will continue to assess customer feedback in the coming weeks and improve the product further,” the company stated.
Vision and Leadership
Prakash Sikaria, Founder & CEO of super.money, expressed enthusiasm about the launch and the potential for innovation in digital payments. “We appreciate the enthusiasm and interest in super.money. The landscape of digital payments and financial services is evolving rapidly, presenting incredible opportunities for innovation,” Sikaria said.
He emphasized that super.money aims to democratize access to financial services by leveraging the UPI infrastructure, aligning with the Government’s vision of financial inclusion. Sikaria also hinted at the upcoming launch of several exciting products that are currently in development.
Background and Future Plans
In July last year, Flipkart partnered with Axis Bank to offer loans up to ₹5 lakh to its customers. The company also runs a lending program for merchants, further enhancing its financial service offerings.
PhonePe, the largest UPI app in India, announced its full ownership separation from Flipkart in December 2022. PhonePe processes nearly half of all UPI transactions in the country, highlighting the competitive landscape super.money is entering.
Conclusion
Flipkart’s launch of super.money marks a significant step in the company’s expansion into digital payments and financial services. With a focus on user experience and substantial rewards, super.money aims to redefine how consumers interact with financial services. The beta phase will be crucial in refining the app based on user feedback before a broader rollout.
