Fintech
Flipkart launches payments app, Super.money, in fintech space
Indian e-commerce giant Flipkart has quietly begun launching its own payments app, dubbed Super.money, expanding its fintech ambitions more than a year and a half later separating from PhonePe.
The new app from the Walmart-owned company, now live in beta on the Play Store, allows users to make mobile payments via UPI, an interoperable network that is the most popular way Indians transact online. To win over customers, Super.money promises “real cashbacks” and not “useless rewards” for paying, sending or receiving money through the app, the Android app description says.
The company, part of the Flipkart Group, also plans to expand its offerings to include secured cards and loans, according to descriptions within the app. Super.money identifies DMI Finance, Axis Bank and Credit Saison India among its partners on its website.
A spokesperson for Super.money confirmed the beta launch of its namesake app. “With a clean UX and focus on great rewards for every transaction, super.money aims to change the way people interact and consume financial services. The super.money team will continue to evaluate customer feedback in the coming weeks and further improve the product,” the spokesperson said.
Super.money app, screenshot by TechCrunch
The launch follows Flipkart’s separation from PhonePe in late 2022. PhonePe is the largest mobile payments app in India, processing nearly 50% of all transactions on the UPI network.
When it parted ways with PhonePe, Flipkart had no immediate plans to re-enter the mobile payments market, TechCrunch reported at the time. The company, however, is no stranger to financial services, having been lending money to merchants for a long time and has partnerships with lenders to offer installments to customers.
Prakash Sikaria, founder and CEO of Super.money, told TechCrunch: “The digital payments and financial services landscape is evolving rapidly, presenting incredible opportunities for innovation. super.money aims to democratize access to financial services by leveraging the UPI infrastructure, which is aligned with the government’s broader vision of financial inclusion. We have been working on several interesting products that we will launch soon.”
Flipkart maintains a leading position in the Indian e-commerce market, which generated $60-65 billion in sales last year, according to HSBC. According to Bank of America, the platform serves more than double the daily active users of Amazon India, its main rival. Over two-thirds of Flipkart’s customers are based in smaller Indian cities and towns. Flipkart plans to do so launch rapid trade services as early as next monthaiming to challenge the Indian Amazon’s stronghold in urban cities.
Flipkart is not the only giant re-exploring the fintech space. Reliance’s Jio Financial Services has launched its own payments appalso in beta, last month.