Flipkart, the Indian e-commerce platform, has launched a new payments app named Super.money, further broadening its ambitions in the fintech sector. The Walmart-owned company’s latest venture comes more than a year after it separated from PhonePe, one of India’s largest mobile payment platforms.
Currently live in beta on the Play Store, Super.money allows users to make mobile payments via the Unified Payments Interface (UPI), which is the most widely used online transaction method in India. The app promises “real cashback” instead of generic rewards for transactions, aiming to attract users with tangible benefits, according to a report by TechCrunch.
In addition to mobile payments, Super.money plans to offer secured cards and lending services, as indicated within the app. Partners listed on the app’s website include DMI Finance, Axis Bank, and Credit Saison India, highlighting its comprehensive approach to financial services.
A Super.money spokesperson confirmed the app’s beta launch, stating, “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,” as quoted by the report.
Prakash Sikaria, founder and chief executive of Super.money, told TechCrunch in a statement: “The landscape of digital payments and financial services is evolving rapidly, presenting incredible opportunities for innovation. super.money aims to democratise access to financial services by leveraging UPI infrastructure, which is aligned to the Government’s larger vision of financial inclusion. We have been working on several exciting products that we will launch soon.”
Flipkart continues to dominate India’s e-commerce market, with HSBC estimating its sales at $60 billion-$65 billion last year. According to Bank of America, Flipkart serves more than twice the daily active users of its main competitor, Amazon India. Notably, over two-thirds of Flipkart’s customers are from smaller cities and towns. The company plans to introduce quick commerce services soon, challenging Amazon India’s dominance in urban areas.