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Flipkart launches Super.money app for UPI payments, marking a major fintech move

Flipkart has introduced its own payments app, Super.money, in a significant push into the fintech space. This launch comes about 1.5 years after Flipkart's separation from its erstwhile payment partner, PhonePe.

Edited By: Saumya Nigam @snigam04 New Delhi Updated on: June 27, 2024 9:53 IST
flipkart, tech news, upi payment
Image Source : SUPER.MONEY Flipkart launches Super.money app for UPI payments, marking a major fintech move

Flipkart, a popular Indian e-commerce player started rolling out its own payments app Super.money, in a fintech push. The move took place after almost 1.5 years after the separation from PhonePe. At present, the service is live in beta on the Play Store, where the app enables users to make mobile payments via UPI.

As per the TechCrunch report, the company is also planning to expand its offerings to include secured cards and lending, according to descriptions inside the app. The app further identifies DMI Finance, Credit Saison India and Axis Bank among its partners on its website.

"With an uncluttered UX and focus on great rewards for every transaction, super.money intends to change the way people engage with and consume financial services," a Super.money spokesperson was quoted as saying.

"The super.money team will continue to assess customer feedback in the coming weeks and improve the product further," it added.

As per the Android app’s description, the app promises "real cashback" on transactions and not "useless rewards" for paying, sending, or receiving money via the app.

"The landscape of digital payments and financial services is evolving rapidly, presenting incredible opportunities for innovation," Prakash Sikaria, founder and chief executive of Super.money, was quoted as saying.

"Super.money aims to democratise access to financial services by leveraging UPI infrastructure, which is aligned to the government’s larger vision of financial inclusion," he added.

Meanwhile, Google has invested nearly $350 million in Flipkart, taking the homegrown company's valuation to nearly $36 billion. In a statement, Flipkart said it has added Google as a "minority investor" in the e-commerce platform as part of the latest funding round led by Walmart.

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Inputs from IANS

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