SUMMARY
- Flipkart’s Super.Money launched a credit-first Unified Payments Interface (UPI) app, out of the beta phase.
- The App saw nearly 1 million downloads and facilitated over 10 million transactions simultaneously.
- Super.Money’s first product, a RuPay credit card, functions as an interest-bearing wallet integrated with UPI.
Bengaluru-based fintech venture Super. Money, funded by e-commerce company Flipkart, has officially launched a credit-first Unified Payments Interface (UPI) app, ahead of the beta phase. Since, the app, went live on the Google Play Store on June 23, 2024, saw nearly 1 million downloads, and facilitated over 10 million transactions simultaneously.
Super.Money’s first product, a RuPay credit card, functions as an interest-bearing wallet integrated with UPI. This innovative solution aims to revolutionize digital payments by offering a combination of the convenience of UPI with the benefits of credits. The company has also introduced a wait-list program which would manage the demand side.
The app offers users up to 5% cash back on every commercial transaction and special offers from other merchants, including Flipkart and Myntra.
“Our beta phase was instrumental in shaping the Super. Money experience, particularly in how we innovate at the forefront of credit on UPI. The digital payments landscape in India is brimming with opportunities but the real potential lies in integrating financial services on UPI rails in a simplified way,” Sikaria, founder of the app.
In the coming months, it intends to roll out with wide range of financial products, which will include a co-branded credit card, fixed deposits (FDs), and instant pre-approved personal loans to cater to the diverse financial needs of the Indian customer base.
UPI transaction values have constantly exceeded more than Rs 20 lakh crore for three consecutive months, with Rs 20.64 lakh Cr. in July, Rs 20.07 lakh Cr. in June, and Rs 20.44 lakh Cr. in May.
