In a move to expand its financial technology offerings, Indian retail behemoth Flipkart has initiated the discreet rollout of its payments application, named Super.money, distancing itself from PhonePe over eighteen months ago.
Owned by Walmart, the company’s latest venture, now available in beta on the Play Store, enables consumers to conduct mobile transactions using UPI, the most favored method of digital transactions in India. Super.money is enticing users with the promise of “real cashback” as opposed to “pointless rewards” for transactions processed through the app, according to the app’s listing on the Android platform.
As part of the Flipkart Group, the enterprise aims to broaden its services to include offerings such as secured cards and loans, insights gathered from within the app suggest. On its official website, Super.money lists DMI Finance, Axis Bank, and Credit Saison India among its fiscal collaborators.
A representative for Super.money confirmed the beta release of the namesake app. “Aiming for a clutter-free user experience and rewarding transactions, Super.money is setting out to redefine consumer interactions with financial services. The team behind Super.money is committed to incorporating user feedback in the forthcoming weeks to refine the product,” stated the spokesperson.
This development comes in the wake of Flipkart’s estrangement from PhonePe at the end of 2022. PhonePe stands as India’s largest mobile payments application, handling close to 50% of all UPI transaction volumes.
At the time of its separation from PhonePe, Flipkart reportedly had no immediate strategy to make a comeback in the mobile payments scene, as per TechCrunch. Nonetheless, Flipkart is not new to offering financial solutions, having provided merchant loans for an extended period and collaborated with financial institutions to offer installment payments to its consumers.
Prakash Sikaria, founder and CEO of Super.money, articulated to TechCrunch: “The digital payments and financial services sector is encountering swift evolutionary changes, opening up outstanding prospects for innovation. Super.money is designed to make financial services accessible to everyone through the use of UPI infrastructure, aligning with the government’s vision for broader financial inclusion. We are currently developing numerous promising products poised for near-future release.”
Flipkart retains its dominant stance in the Indian e-commerce landscape, which according to HSBC, witnessed sales between $60 billion and $65 billion last year. Bank of America notes that Flipkart serves a daily active user base more than double that of its chief competitor, Amazon India, with over two-thirds of its customers hailing from smaller cities and towns across the country. Flipkart is also preparing to debut quick commerce services to compete with Amazon India’s presence in metropolitan areas soon.
Flipkart is not the lone titan revisiting the fintech arena. Reliance’s Jio Financial Services also unveiled its payment application in beta the previous month.
Compiled by Techarena.au.
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