Fintech
Flipkart launches payments app, Super.money, in fintech space
Indian e-commerce giant Flipkart has quietly started launching its own payments app, called Super.money, broadening its fintech ambitions more than a year and a half after splitting from PhonePe.
The new app from the Walmart-owned company, now live in beta on the Play Storelets users make mobile payments via UPI, an interoperable network that is the most popular way for Indians to transact online. To win over customers, Super.money promises “real cashback” and not “pointless 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 a focus on great rewards for every transaction, super.money aims to change the way people interact with and consume financial services. The super.money team will continue to evaluate customer feedback over the coming weeks and further improve the product,” the spokesperson said.
Super.money app, screenshot from 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 said it had no immediate plans to re-enter the mobile payments market. 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 is not the giant exploring the fintech space again. Reliance’s Jio Financial Services has launched its own payments appalso in beta, last month.