Indian e-commerce giant Flipkart has quietly launched its own payments app, called Super.money, as it expands its fintech ambitions more than a year and a half after its split from PhonePe.
The Walmart-owned company’s new app, now live in beta on the Play Store, allows users to make mobile payments through UPI, an interoperable network that is the most popular way Indians transact online. To attract customers, Super.money promises “real cash back” and not “useless rewards” for paying, sending or receiving money through the app, the Android app’s description says.
The company, part of the Flipkart Group, also plans to expand its offerings to include secured cards and lending, according to descriptions within the app. Super.money lists DMI Finance, Axis Bank and Credit Saison India as its partners on its website.
A representative of Super.money confirmed the beta version of its app of the same name. “With an uncluttered UX and a focus on big rewards for every transaction, Super.money aims to change the way people engage with and consume financial services. The Super.money team will continue to evaluate customer feedback over the coming weeks and further improve the product,” the spokesperson said.
The launch follows Flipkart’s split from PhonePe in late 2022. PhonePe is India’s largest mobile payments app, processing nearly 50% of all transactions on the UPI network.
When it spun off PhonePe, Flipkart had no immediate plans to re-enter the mobile payments market, TechCrunch reported at the time. However, the company is no stranger to financial services, having been lending money to merchants for a long time and partnering with lenders to offer installments to customers.
Prakash Sikaria, founder and CEO of Super.money, told TechCrunch in a statement: “The digital payments and financial services landscape is evolving rapidly, presenting incredible opportunities for innovation. super.money aims to democratize access to financial services by leveraging the UPI infrastructure, which aligns with the government’s broader vision for financial inclusion. We are working on many exciting products that will be released 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 double the daily active users of Amazon India, its main rival. More than two-thirds of Flipkart’s customers are in smaller cities and towns in India. Flipkart plans to launch e-commerce services as early as next month, aiming to challenge Amazon India’s stronghold in urban cities.
Flipkart is not the only giant re-exploring the fintech space. Reliance’s Jio Financial services launched its own payments app, also in beta, last month.
