E-commerce giant Flipkart has launched Super.Money, is a unified payments interface (UPI) app designed to offer a comprehensive suite of financial services, including payments, credit, and deposits.
The beta version of Super.Money will initially be available to 100,000 users. Developed in collaboration with Axis Bank, the app will also provide credit services through Utkarsh Small Finance Bank. According to the company’s website, DMI Finance and Credit Saison are additional financial partners supporting Super.Money.
Super.Money aims to democratize access to financial services by leveraging UPI infrastructure, aligning with the government’s broader vision of financial inclusion. Users of the app can earn coupons, scratch cards, or coins as incentives for making UPI payments.
“The launch of Super.Money is a significant step towards democratizing financial services and supporting the government’s mission of financial inclusion,” said Prakash Sikaria, CEO of Super.Money.
This development comes 18 months after the separation of Flipkart and PhonePe, which currently dominates the UPI market in India with a nearly 50 percent market share. Notably, Flipkart also features its own UPI handle within its shopping app.
Super.Money is reportedly in discussions to raise $20 million from Flipkart to support its expansion.
In March, Flipkart introduced its UPI services, enabling users to create their UPI handles for both online and offline merchant transactions. According to NPCI data, the app registered 4.44 million transactions worth Rs 251 crore in May. In comparison, Amazon Pay recorded 68.34 million transactions in the same month.
Currently, PhonePe leads the UPI market with a 48.6 percent share, followed by Google Pay and Paytm with 37 percent and 8 percent market shares respectively.
