Flipkart, the Indian e-commerce giant, has quietly introduced its own payments app called Super.money, marking a significant step in expanding its fintech ambitions after separating from PhonePe more than a year ago.
The new app by the Walmart-owned firm is now available in beta on the Play Store, offering users the ability to make mobile payments through the UPI network, a popular method for online transactions in India. Super.money differentiates itself by promising real cashback instead of just rewards for transactions made through the app.
In addition to mobile payments, Super.money plans to introduce secured cards and lending services, with partnerships already established with DMI Finance, Axis Bank, and Credit Saison India. A spokesperson for Super.money stated that the app aims to revolutionize how people engage with financial services by providing a user-friendly experience and rewarding transactions.
The launch of Super.money comes after Flipkart’s separation from PhonePe in 2022. Although Flipkart initially had no plans to re-enter the mobile payments market, its deep involvement in financial services, including lending to merchants and offering installment options to customers, paved the way for Super.money’s entry into the fintech space.
Prakash Sikaria, founder and CEO of Super.money, highlighted the company’s commitment to democratizing access to financial services by leveraging the UPI infrastructure and the government’s vision of financial inclusion. He hinted at upcoming innovative products to be launched by Super.money.
With a strong foothold in India’s e-commerce market, Flipkart boasts a significant user base, especially in smaller cities and towns. The company’s upcoming quick commerce services aim to compete with Amazon India’s dominance in urban areas.
Furthermore, Flipkart is not the only player delving into the fintech space, as Reliance’s Jio Financial services recently launched its own payments app in beta mode, signaling a growing trend of tech giants exploring financial services.
