Flipkart’s Fintech Push: super.money App Goes Live In Beta Mode

As part of its fintech push, ecommerce giant Flipkart has launched super.money app in beta mode. The app went live on Google Play Store on June 23.

While the app currently offers UPI services, Flipkart aims to soon offer other financial services via the app.

As per the app description, it will not offer “useless rewards” but “real cashback”. The app will offer up to 5% cashback and rewards of up to 10% on Flipkart, Myntra and Shopsy.

Besides, the company also claims three times faster UPI payments with “default camera scan-on mode”.

The app description also says that a suite of financial products will be launched soon. These will include a credit card offering “superCard”, which will be issued in partnership with Utkarsh Small Finance Bank, a pre-approved loan service called “superCash”, and a fixed deposit offering “superDeposit” 

The development was first reported by TechCrunch.

super.money confirmed the development with Inc42. “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. The super.money team will continue to assess customer feedback in the coming weeks and improve the product further,” a spokesperson of super.money said.

super.money founder and CEO Prakash Sikaria said that the landscape of digital payments and financial services is evolving rapidly and this presents incredible opportunities for innovation. 

“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. We have been working on several exciting products that we will launch soon,” Sikaria added.

Earlier this year, Inc42 reported that the ecommerce major initiated the fintech app’s development as early as July 2023 and earmarked an investment of $20 Mn for the project. Back in January, the company rolled out personal loans on the Flipkart app. 

In the same month, the company also started offering UPI services to select users. In March, its first month of full-fledged UPI launch, Flipkart recorded 5 Mn UPI transactions worth INR 197.24 Cr. 

super.money marks Flipkart’s full-fledged fintech entry more than a year after its demerger with PhonePe. In December 2022, the ecommerce major completed the full ownership separation process of PhonePe.

PhonePe dominates the UPI market and has been accounting for nearly 50% share every month. It accounted for 48.6% of the total UPI transactions in May. The value of these transactions stood at INR 10.33 Lakh Cr.

With super.money, Flipkart will take on PhonePe in the fintech space. Earlier this week, Walmart said that both the entities are heading towards profitability. 

The operating revenue of Flipkart’s B2C arm rose 42% year-on-year (YoY) to INR 14,845.8 Cr in the financial year 2022-23 (FY23). Meanwhile, its loss reduced 9% to INR 4,026.5 Cr during the year under review from INR 4,419.5 Cr in FY22. On the other hand, PhonePe’s net loss grew 39% YoY to INR 2,795.3 Cr in FY23, while operating revenue rose 77% YoY to INR 2,913.7 Cr.