The online shopping company Flipkart launches the super.money app for UPI payments. This app is part of Flipkart’s plan to grow in the fintech area. Flipkart already has its own UPI (Unified Payments Interface) system within its shopping app. Launching a separate app shows that they are serious about expanding in fintech.
Interestingly, PhonePe, another company that was part of the Flipkart group and is also owned mainly by Walmart, became independent from Flipkart just a year ago. PhonePe is very successful in the UPI market, holding about 50 percent of the market share.
Flipkart Launches super.money App with a Beta Program
super.money starts with a limited release for 100,000 users as part of a beta program. The app’s logo features a QR code for easy UPI payments. Flipkart mentions that the team will use customer feedback to improve the app over time.
super.money offers up to 5% cashback on purchases like food and travel. Their ads highlight this benefit, contrasting it with competitors who provide coupons, scratch cards, or coins for UPI payments. The world of digital payments is changing fast, opening up great chances for new ideas. Prakash Sikaria, the Founder and CEO of super.money, said the company wants to make financial services accessible to everyone by using UPI (Unified Payments Interface). This goal matches the government’s plan for broader financial inclusion.
super.money is developing several new products that will be released soon. Flipkart launched its own UPI service in March, which quickly became popular, handling over five million transactions in its first month.
super.money Enters Crowded UPI Market
In the early days of UPI, many apps offered cashback to attract users. Now, most people use just three apps: PhonePe, Google Pay, and Paytm. These three apps control over 95% of the UPI market.
super.money is launching at a time when there are worries about UPI becoming dominated by just a few big players. Smaller UPI apps are asking the National Payments Corporation of India (NPCI) for special support to compete with the top three apps.
Changes in UPI Market and Flipkart’s Re-entry
Paytm, the third-largest UPI player, has seen its market share drop from 13% last year to 8% in May due to regulatory issues with Paytm Payments Bank.
PhonePe, originally part of Flipkart, became a separate company in 2020. Flipkart had always wanted its payment platform but held off due to PhonePe. With PhonePe now independent, Flipkart has reentered the UPI market with new products.
Interestingly, Flipkart co-founder Sachin Bansal’s fintech app, Navi, also offers rewards and cashback for UPI use and has grown tenfold in just two months. Bansal played a key role in Flipkart’s acquisition of PhonePe.
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