Flipkart makes re-entry into payments app market with super.money
Flipkart has launched a new payments application called super.money, marking its re-entry into the fintech sector. The app allows users to make transactions via Unified Payments Interface (UPI) and earn cashback rewards. This development comes nearly two-and-a-half years after Flipkart separated from its previous payments platform, PhonePe. Since its beta launch in June, super.money has processed over 10 million transactions and amassed one million downloads.
Cashback and credit offerings
Super.money offers users up to 5% cashback on every merchant transaction, with special deals available for transactions made on partner platforms like Myntra and Flipkart. The company also plans to introduce a 'credit on UPI' feature by collaborating with the National Payments Corporation of India's UPI infrastructure, for a co-branded credit card. This initiative is expected to increase borrowings from individuals, particularly those in tier 2 and tier 3 cities.
It aims to attract first-time borrowers
Prakash Sikaria, the CEO of super.money, revealed that its target group is individuals who have never had an unsecured card before. He stated, "If you give a product to someone who has not ever experienced it, they are more forgiving and the adoption is better." Sikaria also shared that for every card issued, four applicants are rejected, presenting a significant market opportunity for super.money.
Super.money's goal and partnerships
Sikaria expressed his ambition for super.money to be among the top five UPI players by December. Despite Flipkart launching its own UPI handle in March, Sikaria clarified that super.money will continue to operate independently and does not view Flipkart's UPI offering as competition. The app has partnered with several financial institutions to provide services, and is currently available on Android, with plans for an iOS rollout soon.
