Flipkart launches fintech payment app Super.money

Indian e-commerce giant Flipkart has quietly begun rolling out its own payments app called Super.money, expanding its fintech ambitions more than a year and a half after splitting from PhonePe.

The Walmart-owned company’s new app, currently available in beta on the Play Store, allows users to make mobile payments via UPI, an interoperable network that is the most popular way for Indians to transact online. To attract customers, Super.money promises “real cash back” and not “useless rewards” for paying, sending or receiving money through the app, as the Android app description says.

According to the descriptions in the application, the company belonging to the Flipkart Group also plans to expand its offer to include secured cards and loans. Super.money lists DMI Finance, Axis Bank and Credit Saison India among its partners on its website.

A Super.money spokesperson confirmed the launch of a beta version of the app of the same name. “With a clean user interface and a focus on great rewards for every transaction, Super.money aims to change the way people use and interact with financial services. Over the coming weeks, the Super.money team will continue to evaluate customer feedback and further improve the product,” the spokesperson said.

The launch follows the separation of Flipkart from PhonePe in late 2022. PhonePe is the largest mobile payment app in India, processing almost 50% of all transactions on the UPI network.

After separating from PhonePe, Flipkart had no immediate plans to re-enter the mobile payments market, TechCrunch reported at the time. The company is no stranger to financial services, however, as it has a long history of lending money to merchants and working with lenders to offer installment plans to customers.

Prakash Sikaria, founder and CEO of Super.money, told TechCrunch in a statement: “The digital payments and financial services landscape is rapidly evolving, offering incredible opportunities for innovation. super.money aims to democratize access to financial services by leveraging UPI infrastructure, which is aligned with the government’s broader vision for financial inclusion. We have been working on some exciting products that we will launch soon.”

Flipkart maintains a leading position in India’s e-commerce market, which HSBC estimates generated sales of $60-65 billion last year. According to Bank of America, the platform serves more than twice as many daily active users as Amazon India, its main rival. More than two-thirds of Flipkart’s customers are based in smaller Indian cities and towns. Flipkart plans to launch its fast trading services as early as next month, aiming to challenge Amazon India’s stronghold in cities.

Flipkart is not the only giant that is re-exploring the fintech space. Last month, Reliance’s Jio Financial Services launched its own payments app, also in beta.