Owing to its ongoing push into the fintech space, the E-commerce giant Flipkart has launched its Unified Payments Interface (UPI) app, super.money recently.
With this latest initiative, the Walmart-owned company seems to be all set to leverage the popular UPI infrastructure to offer enhanced financial services.
Besides this, it also represents an aggressive move by Flipkart to solidify its fintech ambitions following the separation from its former group company, PhonePe.
How Does This Launch Affect The UPI Market?
Presently, super.money is in a beta phase with an initial release limited to 100,000 users.
As we can see, Flipkart’s approach emphasizes offering tangible benefits such as up to 5% cashback on various transactions.
This is directly challenging rivals who offer rewards in the form of coupons, scratch cards, or coins.
The newly launched app’s focuses on democratizing financial services and aligning with the government’s vision of financial inclusion, as highlighted by the Founder and CEO of super.money, Prakash Sikaria.
Adding, “The landscape of digital payments and financial services is evolving rapidly, presenting incredible opportunities for innovation. super.money aims to democratize access to financial services by leveraging UPI infrastructure, which aligns with the government’s larger vision of financial inclusion.”
A real Game Changer
Interestingly, the launch of super.money comes at a time when the UPI market is dominated by a few major players.
To be specific, PhonePe, Google Pay, and Paytm collectively hold over 95% of the market share, with PhonePe alone accounting for nearly 50%.
It sports that the smaller UPI players have struggled to compete and have been advocating for preferential treatment from the National Payments Corporation of India (NPCI) to level the playing field.
Here, Super.money sets itself apart and totally changes the game as it promises “real cashback” instead of “useless rewards,” aiming to attract users seeking more immediate and tangible benefits.
Besides this, the app is also utilized in introducing additional services such as secured cards and lending in the near future, partnering with institutions such as DMI Finance, Axis Bank, and Credit Saison India.
This launch of super.money also holds strategic significance as its coming 18 months after PhonePe’s separation from Flipkart.
This separation has benefited Flipkart in order to re-enter the mobile payments market, which it had previously avoided to avoid direct competition with PhonePe.
