Flipkart Broadens Fintech Ambitions with New Payments App Super.money
Launches Mobile Payments App Offering Real Cashback and Expanding Services to Secured Cards and Lending
12 July 2024
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Savleen Kaur
Flipkart has launched Super.money, a mobile payments app available in beta on the Play Store, leveraging UPI for transactions and offering real cashback to users.
The app, part of Flipkart Group, plans to expand its services to include secured cards and lending, with partners like DMI Finance, Axis Bank, and Credit Saison India.
This launch follows Flipkart's separation from PhonePe and aims to capture a larger share of India's fintech market, aligning with the government's financial inclusion goals and challenging competitors like Amazon India and Jio Financial Services.
Indian e-commerce giant Flipkart has quietly launched its own payments app, Super.money, expanding its fintech footprint more than a year and a half after parting ways with PhonePe. The Walmart-owned firm's new app is currently in beta on the Play Store and facilitates mobile payments via UPI, India's most popular online transaction method. Super.money aims to attract users by offering "real cashback" instead of "useless rewards" for transactions, as detailed in the app's description.
Super.money is part of the Flipkart Group and plans to extend its services to include secured cards and lending, according to in-app descriptions. The app identifies DMI Finance, Axis Bank, and Credit Saison India as its partners on its website. A spokesperson for Super.money confirmed the beta launch, stating that the app features an uncluttered user experience and focuses on providing great rewards for every transaction. The team will continue to gather customer feedback to improve the product.
This launch comes after Flipkart's separation from PhonePe in late 2022. PhonePe, the largest mobile payments app in India, processes nearly 50% of all transactions on the UPI network. At the time of the separation, Flipkart had no immediate plans to re-enter the mobile payments market. However, the company has a history of providing financial services, including lending to merchants and offering installment plans to customers through partnerships with lenders.
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Prakash Sikaria, founder and chief executive of Super.money, emphasized the rapidly evolving landscape of digital payments and financial services. He stated that Super.money aims to democratize access to financial services by leveraging UPI infrastructure, aligning with the government’s vision of financial inclusion. Sikaria also mentioned that the company is working on several exciting products set to launch soon.
Flipkart remains a dominant player in India’s e-commerce market, which HSBC estimates generated $60 billion-$65 billion in sales last year. According to Bank of America, Flipkart serves more than twice the daily active users of Amazon India, its main competitor. Over two-thirds of Flipkart’s customers are located in smaller Indian cities and towns. The company plans to launch quick commerce services as early as next month, challenging Amazon India’s urban market dominance.
Flipkart is not the only giant venturing into the fintech space again. Last month, Reliance’s Jio Financial Services also launched its own payments app in beta, highlighting a growing trend among major Indian companies to explore financial technology solutions.
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