Called superCard, the new offering allows users to obtain credit cards for limits as low as INR 90 by initiating deposits between INR 100 all the way to INR 10 Lakhs
The card will also support regular merchant payments as well as UPI transactions using super.money’s ‘Scan & Pay’ feature
Post the credit card launch, super.money also plans to introduce other financial products like FDs and instant pre-approved personal loans
Flipkart
backed fintech app super.money has launched its maiden product — a co-branded credit card in partnership with Utkarsh Small Finance Bank.
Called superCard, the new offering allows users to obtain credit cards for limits as low as INR 90 by initiating deposits between INR 100 all the way to INR 10 Lakh.
In a statement, super.money said that the new product will allow customers across all segments to participate in the ‘credit on UPI’ ecosystem.
“The deposit further yields an attractive interest rate, offering the dual benefit of allowing users to build their credit profile, their funds also earn attractive returns,” it added.
Further, the company said that the card holders will get 5% off on transactions on Myntra, 3% off on Cleartrip and 2% off on Flipkart. The card will also support regular merchant payments as well as UPI transactions using super.money’s ‘Scan & Pay’ feature.
Launching the card at the inaugural day of Global Fintech Festival (GFF), super.money’s founder and CEO Prakash Sikaria said that the company plans to expand its financial services ecosystem to “democratise” access to credit.
“This universal credit card product paves the way for the financial inclusion of millions of Indians who have previously been excluded from mainstream credit, offering them a path to formalise their credit journeys. Our lowest variant comes with a $1 limit,” Sikaria said.
The super.money app came out of its beta testing phase last week. Post the credit card launch, the platform plans to introduce other financial products like fixed deposits (FDs) and instant pre-approved personal loans in partnership with leading financial institutions.
It is pertinent to note that this is super.money’s bid to “participate in the ‘credit on UPI’ ecosystem” comes at a time when more entities are looking to enter the segment.
For the uninitiated, the Reserve Bank of India (RBI), in September 2023, expanded the scope of UPI to include pre-approved credit lines, called ‘Credit Line on UPI’.
The offering allows consumers to avail credit lines through banks and use these through their UPI apps. Unlike traditional loans, credit on UPI offers on-demand access to credit, allowing consumers to borrow precisely how much they need, when they need it.
Owing to this, the space has seen renewed competition in the recent past. Earlier this month, fintech major PhonePe also launched a new ‘credit line on UPI’ feature, which allows users to link credit lines from their banks directly to UPI on the platform. Prior to this, the Walmart-backed company also issued RuPay Credit Cards on UPI as well.
At the heart of all this is India’s growing digital lending ecosystem which is poised to become a $2.1 Tn market opportunity by 2030.
