Flipkart’s super.money Transitions Out Of Beta Phase, To Launch RuPay Credit Card

Ecommerce major Flipkart said that its fintech app super.money is now out of the beta phase following its success. It also unveiled the fintech app’s first offering, RuPay credit card. 

In a statement, super.money claimed that the credit card operates like an interest bearing wallet on UPI rails. The company said that it has integrated with NPCI’s RuPay infrastructure for its co-branded credit card.

“super.money has also finished testing out a first of its kind, credit on UPI solution, and has started a waitlist program for the same,” the company said in a statement.

This comes about two months after the app went live on Google Play Store on June 23 in beta phase. At the time, the app only offered UPI services. 

The app offers up to 5% cashback on every merchant transaction and special offers from partner merchants, including Flipkart and Myntra. Besides, it has also floated a plethora of other reward offerings, including superNameDrop and Meme-Money, to entice users. 

Besides the launch of the co-branded credit card, the company said it plans to introduce a range of financial products like fixed deposits (FDs) and instant pre-approved personal loans, catering to the diverse financial needs of Indian customers in partnership with leading financial institutions.

As per the app, its upcoming launches include pre-approved loans service superCash and FD service superDeposit, which it claims will give depositors 9% interest on deposits.

“Our beta phase was instrumental in shaping the super.money experience, particularly in how we innovate at the forefront of credit on UPI… We have started with innovating on credit products as it does an important job of introducing millions of Indians to formal credit infrastructure,” super.money founder and CEO Prakash Sikaria said. 

The company claimed that super.money saw significant adoption in its beta phase, seeing close to 1 Mn downloads and driving 10 Mn transactions. On Google Play Store, the app has seen over 500K downloads since release. It is pertinent to note that the app is currently available only on Android devices, and is soon to be launched on the iOS platform. 

super.money processed 2.5 Mn UPI transactions worth INR 75.7 Cr in July and 130K transactions worth INR 5.04 Cr in June, as per the National Payments Corporation of India’s data. 

super.money’s full fledged release comes at a time when its archrival Amazon is also mulling spinning off its UPI service, Amazon UPI, into a separate entity. Besides, Amazon Pay is also reportedly working with the NPCI to roll out credit services to customers through UPI since April. 

The development comes at a time when a number of startups, like PhonePe and CRED, are aggressively expanding their financial services to shore up their revenues. On Tuesday, CRED partnered L&T Finance to offer unsecured personal loans to customers. 

Meanwhile, Flipkart has also entered the quick commerce space with the launch of ‘Flipkart Minutes’.