Flipkart Group launches UPI app super.money to offer financial services

E-commerce major Flipkart has launched a unified payments interface (UPI) app super.money to offer payments, credit, deposits and other digital financial services.

As a part of the beta version, the app will be available for initial 100,000 users. The app is live in partnership with Axis Bank while it will also offer credit through Utkarsh Small Finance Bank. As per the company’s website, DMI Finance and Credit Saison are other financial partners of super.money.

The app is also offering coupons, scratch cards or coins for making UPI payments.

"super.money aims to democratise access to financial services by leveraging UPI infrastructure, which is aligned to the government’s larger vision of financial inclusion," said Prakash Sikaria, CEO of super.money.

The development comes 18 months after the separation of Flipkart and PhonePe, which is the leading UPI app in India with nearly 50% market share. It’s worth highlighting that Flipkart also has its own UPI handle within the shopping app.

super.money was reportedly in talks to raise $20 million from Flipkart.

In March, Flipkart launched its own UPI services which will allow its users to set up their own UPI handle for online and offline merchant transactions. As per NPCI data, the app registered 4.44 million transactions worth Rs 251 crore in May. Its arch rival Amazon Pay did 68.34 million transactions in the last month.

With 48.6% market share, PhonePe is the leader among UPI apps followed by Google Pay and Paytm with 37% and 8% market share respectively.