Super.Money, Flipkart’s fintech venture, has officially launched its credit-first Unified Payments Interface (UPI) application to the public after a successful beta phase with over 10 million transactions. The Bengaluru-based startup has completed testing its credit on the UPI solution and has introduced a wait-list program. Super. Money’s first credit solution is a Rupay credit card that works as an interest-bearing wallet on UPI rails.
Prakash Sikaria, founder and CEO of Super.Money, stated that the company aims to be among the top five players in India’s competitive UPI market. Walmart-owned PhonePe and Google Pay dominate the market, handling over 85% of the 14.4 billion UPI transactions recorded in July.
Last year, Flipkart committed around $20 million to this venture.
The government’s proposed 30% market share cap for Unified Payments Interface players, suggested by the National Payments Corporation of India (NPCI), seems unlikely to be met before the deadline, just over four months away.
To address the high concentration of UPI transactions among a few apps, NPCI has been encouraging new third-party payment apps to invest and offer incentives to consumers in recent months.
The Super.Money app provides users up to 5% cashback on every transaction and special offers from partner merchants, including Flipkart and Myntra.
Super.Money is also introducing new rewards programs like Super Name Drop, Raffle, and Meme Money, offering instant cashback and prizes to make transactions more engaging and rewarding for users.
“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 said.
“We have started with innovating on credit products as it does an important job of introducing millions of Indians to formal credit infrastructure.”
In the coming months, Super.Money plans to launch various financial products, including a co-branded credit card, fixed deposits (FDs), and instant pre-approved personal loans, catering to the diverse financial needs of Indian users.
Currently, UPI transaction values have exceeded Rs 20 lakh crore for the third month in a row, with Rs 20.64 lakh crore in July, Rs 20.07 lakh crore in June, and Rs 20.44 lakh crore in May.
