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Flipkart to challenge the UPI Ecosystem with its super money

Banking and Insurance

Business Honor
28 June, 2024

The launch strategically puts Flipkart above its former subsidiary PhonePay

In a bold move in India’s fintech landscape, Flipkart has unveiled its new UPI app, super.money, which aims to disrupt the market dominated by giants like PhonePe, Google Pay, and Paytm. Super.money, developed by the Walmart-owned e-commerce giant, promises "real cash back" of up to 5% on transactions, and departs from the trend of giving rewards in coupons or scratch cards.

Currently in beta phase with a cap of 100,000 users, super.money marks Flipkart’s re-entry into mobile payments following its separation from PhonePe. Prakash Sikaria, founder and CEO of super.money, emphasized the app's mission to democratize financial services in line with governmental pressure for financial inclusion. The launch strategically puts Flipkart above its former subsidiary PhonePay, which commands around 50% of the UPI market share. With plans to expand into secured cards and loans, super.money has secured partnerships with DMI Finance, Axis Bank, and Credit Saison India. Industry experts note the timing of super.money’s debut amid growing corporate interest in fintech, exemplified by Reliance’s entry into Jio Financial Services. The app’s focus on direct cashback could reshape consumer preferences for digital payments, setting a new model for competitive strategies in India’s dynamic UPI ecosystem.

Flipkart’s aggressive push with super.money highlights its ambition to redefine financial services, contesting established norms, and set new standards in the fintech sector.