Flipkart-Backed super.money Goes Past Amazon Pay In UPI Transactions

About five months after its launch, Flipkart-backed fintech super app super.money has gone past Amazon Pay in terms of the number of UPI transactions processed.

As per the National Payments Corporation of India’s (NPCI’s) monthly numbers for November, super.money emerged as the seventh largest player in the UPI ecosystem. It facilitated 78.49 Mn transactions worth INR 3,130.10 Cr in the last month. 

Besides Amazon Pay, super.money overtook UPI players like WhatsApp and FamApp, and extended its lead over Groww, MobiKwik, BHIM and Jupiter Money. 

It is pertinent to mention that the fintech app took the 12th spot in the month of October, facilitating 49.68 Mn UPI transactions worth INR 2,167.86 Cr. 

Meanwhile, the usual suspects continued to occupy the top three spots in the UPI ecosystem. Market leader, PhonePe, retained its top spot despite seeing a dip in its monthly numbers. It processed 7.4 Bn transactions in November, down over 6% from the prior month. 

Similar dips were seen by the number two and three players, Google Pay and Paytm, respectively. While Google Pay processed 5.7 Bn UPI transactions in November, 1.1 Bn transactions were facilitated by Paytm. 

The overall UPI transactions dipped 6.6% month-on-month to 15.48 Bn in November. Further, the value of the UPI transactions dipped 8.3% to INR 21.55 Lakh Cr. 

Meanwhile, Sachin Bansal-led Navi retained its fourth place in the UPI ecosystem for the second consecutive month. CRED and Axis Bank apps took up the fifth and sixth positions. 

At the time of its launch, super.money had set a target of facilitating 100 Mn monthly transactions by December 2024. Its founder and CEO Prakash Sikaria said last month that the app is on track to achieve that target. 

super.money was launched in beta phase in June, and its full-fledged launch took place in August. In July, its UPI count stood at a mere 50 Lakh. Besides UPI, super.money is focussing on expanding its offerings. 

Last month, it launched a new fixed deposit (FD) offering, superFD, allowing users to book FDs for as low as INR 1,000 and earn interest of up to 9.5% per annum. It also launched a cobranded credit card, superCard, in August, which allows users to get credit cards for limits as low as INR 90 by initiating deposits between INR 100 all the way to INR 10 Lakh.

super.money plans to raise external funding by June-July next year after scaling its product offerings.