Flipkart UPI App: Flipkart-backed SuperMoney launches UPI app

Flipkart fintech company, the largest e-commerce company Super.Money has officially launched its credit first Unified Payments Interface (UPI) application for the public, after a successful beta phase in which more than 10 million transactions were recorded. The Bengaluru-based startup has completed trials of its credit solution on UPI and has introduced a waitlist program. Super Money’s first credit solution is a Rupay credit card that works as an interest-earning wallet on UPI rails, it said.

Prakash Sikaria, founder and CEO of Super.Money, told ET that the company aims to be among the top five players in India’s competitive UPI market. Currently, Walmart-owned PhonePe and GooglePay dominate the market, accounting for over 85% of the 14.4 billion UPI transactions recorded in July.

Flipkart committed around $20 million to the initiative last year.

ET reported on August 20 that the The government has proposed a 30% market share cap for UPI players, The proposed improvement by the National Payments Corporation of India (NPCI) seems unlikely to be implemented before the deadline, which is 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 over the past few months.

The Super.Money app offers users up to 5% cashback on every merchant transaction and special offers from partner merchants including Flipkart and Myntra.

It is also rolling out new rewards programs including Super Name Drop, Raffle, and Meme Money, which offer instant cashback and prizes, making transactions 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 ripe with opportunity, but the real potential lies in integration.” financial services on UPI rails in a simplified manner,” Sikaria said.

“We have started innovating in credit products as this plays an important role in introducing millions of Indians to the formal credit infrastructure.”

In the coming months, Super.Money plans to introduce a range of financial products including a co-branded credit card, fixed deposits (FDs) and instant pre-approved personal loans to meet the diverse financial needs of Indian users.

At the moment, UPI transaction values ​​have crossed Rs 20 lakh crore for the third consecutive month, reaching Rs 20.64 lakh crore in July, Rs 20.07 lakh crore in June and Rs 20.44 lakh crore in May.