Flipkart rolls out 'Super.money' payments app to take on PhonePe
What's the story
Indian e-commerce giant, Flipkart, has launched its proprietary payments app, Super.money. The app is currently live in beta on the Play Store and allows users to make mobile payments via the Unified Payments Interface (UPI). According to the Android app's description, Super.money offers customers "real cashback" instead of "useless rewards" for transactions made through the app. This move comes over a year after Flipkart's separation from PhonePe.
Expansion
It plans to expand services beyond payments
Flipkart's Super.money plans to extend its services beyond mobile payments. The firm aims to include secured cards and lending, as indicated by descriptions within the app. DMI Finance, Axis Bank, and Credit Saison India are listed as partners on Super.money's website. A spokesperson for the app stated that with a "focus on great rewards for every transaction," Super.money intends to "change the way people engage with and consume financial services."
Vision
Super.money aims to democratize access to financial services
Prakash Sikaria, CEO of Super.money, shared his vision for the new app with TechCrunch. He stated that the rapidly evolving landscape of digital payments presents "incredible opportunities for innovation." Sikaria added that Super.money aims to, "democratize access to financial services by leveraging UPI infrastructure," aligning with the government's broader vision of financial inclusion. He also hinted at several exciting products set to be launched soon.
Market competition
Fintech opportunities explored by other Indian companies
Flipkart is not the only company exploring fintech opportunities in India. Last month, Reliance's Jio Financial Services also introduced its own payments app, currently in beta. This development indicates a growing trend among major Indian companies to expand into the fintech sector. The move comes amid a rapidly changing landscape of digital payments and financial services in the country.