Flipkart’s Super.money exits beta phase

Flipkart’s fintech app super.money has launched a RuPay credit card that it claims works like a wallet earning interest on UPI rails

This comes about two months after the app was made available on the Google Play Store on June 23 in beta.

The company says super.money has enjoyed strong interest in its beta phase, recording nearly 1 million downloads and generating 10 million transactions.

The main direction of e-commerce Flipkart announced that its fintech app super.money has exited beta following its success. It also unveiled the fintech app’s first offering, the RuPay credit card.

In a statement, super.money said the credit card works like an interest-bearing wallet on UPI rails. The company said it has integrated with NPCI’s RuPay infrastructure for its co-branded credit card.

“super.money has also completed testing of its first-of-its-kind UPI credit solution and has initiated a waitlist programme for the service,” the company said in a statement.

This comes about two months after the app appeared on the Google Play Store on June 23 in beta mode. At that time, the app offered only UPI services.

The app offers up to 5% cashback on every merchant transaction and special offers from merchant partners including Flipkart and Myntra. Apart from this, it has also introduced a slew of other rewards offers, including superNameDrop and Meme-Money, to entice users.

Apart from the launch of the co-branded credit card, the company also announced plans to launch a range of financial products such as term deposits and instant, pre-approved personal loans, catering to the diverse financial needs of Indian customers in partnership with leading financial institutions.

According to the app, its upcoming launches include the pre-approved loans service superCash and the FD service superDeposit, which the company claims will provide depositors with 9% interest on their deposits.

“Our beta phase has played a key role in shaping the super.money experience, especially in how we innovate at the forefront of credit on UPI… We started with innovation in credit products because that plays an important role in introducing millions of Indians to formal credit infrastructure,” said super.money founder and CEO Prakash Sikaria.

The company claimed that super.money gained significant popularity in the beta phase, recording close to 1 million downloads and generating 10 million transactions. On the Google Play Store, the app has been downloaded over 500,000 times since its release. It is worth noting that the app is currently only available on Android devices and will soon launch on the iOS platform.

According to data from the National Payments Corporation of India, super.money processed 2.5 million UPI transactions worth Rs 75.7 billion in July and 130,000 transactions worth Rs 5.04 billion in June.

The full release of super.money comes at a time when its arch-rival, Amazon, is also is considering spinning off its UPI serviceAmazon UPI, into a separate entity. Additionally, Amazon Pay is reportedly partnering with NPCI to provide credit services to customers via UPI from April.

The development comes at a time when many startups, such as PhonePe and CRED, are aggressively expanding their financial services to bolster their revenues. On Tuesday, CRED has entered into cooperation L&T Finance offering unsecured personal loans to customers.

Meanwhile, Flipkart has also entered the fast-paced retail market by offering Launch of “Flipkart Minutes”.