Flipkart introduces Super.money

Currently live in beta on Play Store, Flipkart’s new payment app, Super.money, is set to allow customers to conduct mobile payments through UPI, an interoperable network used by Indians to make online transactions. As part of the new offering, Flipkart intends to provide cashback for paying, sending, and receiving money through the Super.money app, which aims to offer an improved customer experience.

Being part of the Flipkart Group, the company aims to expand its capabilities and offerings and include secured cards and lending, with DMI Finance, Axis Bank, and Credit Saison being among the app’s partners. According to officials, Super.money focuses on UX and rewards for every transaction, aiming to optimise how individuals engage with and consume financial services. In addition, the app’s team plans to continue to take into consideration customer feedback in the upcoming period and further enhance the product based on present demands and needs.

Moreover, representatives from Super.money stated for TechCrunch that, as the digital payments and financial services environment is advancing, the newly launched app focuses on democratising access to financial solutions by utilising UPI infrastructure. The current move aligns with the Indian Government’s larger vision for financial inclusion and development in this sector across the region. Additionally, it is mentioned that Flipkart is working on introducing new products that are set to launch in the forthcoming period.

The current announcement follows Flipkart’s split from PhonePe in December 2022, when the two companies completed an ownership separation agreement. The decision was made based on PhonePe’s choice to move its entire base to India, with the startup planning to secure several investments to buy back some shares. At that time, Flipkart did not mention any immediate plans to re-enter the mobile payments market. Despite this, the company continued to lend money to merchants and entered collaborations with lenders to provide instalments to customers.

Source: Link