Walmart's Flipkart Unveils UPI App super.money
Flipkart’s super.money sets itself apart with its promise of "real cashback" instead of "useless rewards," aiming to attract users seeking more immediate and tangible benefits.
Topics
Walmart-backed ecommerce platform, Flipkart has launched its Unified Payments Interface (UPI) app, super.money, as part of its ongoing push into the fintech space. The company aims to leverage the popular UPI infrastructure to offer enhanced financial services.
The new app’s launch is seen as an aggressive move by Flipkart to solidify its fintech ambitions following the separation from its former group company, PhonePe.
Prakash Sikaria, Founder and CEO of super.money, said, “The landscape of digital payments and financial services is evolving rapidly, presenting incredible opportunities for innovation. super.money aims to democratise access to financial services by leveraging UPI infrastructure, which aligns with the government’s larger vision of financial inclusion.”
Currently, super.money is in a beta phase with an initial release limited to 100,000 users. Flipkart’s approach emphasises offering tangible benefits such as up to 5% cashback on various transactions, directly challenging rivals who offer rewards in the form of coupons, scratch cards, or coins.
super.money’s launch comes at a time when the UPI market is dominated by a few major players. PhonePe, Google Pay, and Paytm collectively hold over 95% of the market share, with PhonePe alone accounting for nearly 50%.
In contrast, smaller UPI players have struggled to compete and have been advocating for preferential treatment from the National Payments Corporation of India (NPCI) to level the playing field.
The app is also expected to introduce additional services like secured cards and lending in the near future, partnering with institutions such as DMI Finance, Axis Bank, and Credit Saison India. Flipkart’s super.money sets itself apart with its promise of “real cashback” instead of “useless rewards,” aiming to attract users seeking more immediate and tangible benefits.
The launch of super.money is strategically significant, coming 18 months after PhonePe’s separation from Flipkart. The separation allowed Flipkart to re-enter the mobile payments market, which it had previously avoided to avoid direct competition with PhonePe.
Also Read: Flipkart Launches IRIS
Now, with PhonePe established as an independent entity, Flipkart sees an opportunity to reclaim its stake in the fast-growing fintech sector. The timing also coincides with a broader industry trend where major corporations are expanding into fintech. Reliance’s Jio Financial Services, for example, launched its own payments app recently, highlighting the increasing competition in the sector.
