Flipkart, the e-commerce giant backed by Walmart, has launched a new Unified Payments Interface (UPI) app called super.money, marking a significant step in its fintech ambitions. This move is particularly notable given the history with PhonePe, a former group company also majority-owned by Walmart, which was separated from Flipkart only a year ago. PhonePe currently dominates the UPI market with around 50% market share. The launch comes after Flipkart's split from PhonePe in late 2022.
The app is set for a phased launch, initially available to just 100,000 users as part of a BETA version. The app's logo features a QR code, a UPI payment method, and offers up to 5% cashback on various transactions, including food and travel. Its marketing strategy includes targeting competitors that offer coupons, scratch cards, or coins for UPI payments.
“super.money, a UPI super app backed by Flipkart, has launched a BETA version of its android app. 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,” the company said in a statement.
During the early days of UPI, many players used cashback offers to gain market share, a practice that has waned as consumer preferences have consolidated around three main apps: PhonePe, Google Pay, and Paytm, which together hold over 95% of the market.
The launch comes amid concerns that the UPI market is becoming a duopoly. Smaller UPI players have been urging the National Payments Corporation of India (NPCI) to provide them with preferential treatment to compete with the top three players.
Prakash Sikaria, founder & CEO, super.money, said, “We appreciate the enthusiasm and interest in super.money. The landscape of digital payments and financial services is evolving rapidly, presenting 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."
