Ecommerce

Flipkart Group Launches UPI App super.money in Beta Mode

• ByStartupStory     |    June 27, 2024

Flipkart Group has announced the launch of its Unified Payments Interface (UPI) app, super.money, in beta mode. This new venture comes over a year after Flipkart’s separation from the Walmart-backed fintech company, PhonePe. Initially, the super.money app will be available to just 100,000 users, according to its website. The app can be downloaded from the Google Play Store.

The app’s description highlights several features, including offering “credit with the speed of UPI” in partnership with Utkarsh Small Finance Bank. Axis Bank and IndusInd Bank are also listed as banking partners. One of the standout features of super.money is the promise of up to 5% “real cashback” on transactions, aiming to provide tangible rewards instead of “useless rewards.”

“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 said in a statement.

Prakash Sikaria, Founder & CEO of super.money, expressed his excitement about the launch. He stated, “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. 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.”

In July of last year, Flipkart announced a partnership with Axis Bank to provide its customers access to loans of up to Rs 5 lakh. Additionally, the company has a lending programme specifically for merchants.

The separation of PhonePe from Flipkart was completed in December 2022, with PhonePe now operating as the largest UPI app in India, processing nearly half of all transactions on the network. This separation has allowed Flipkart to focus on its new financial service ventures like super.money.

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