Flipkart marks major move: Launching UPI App Super.Money for Digital Payments

By Team Startupcity  |  Thursday, 27 June 2024, 11:22 IST

Flipkart marks major move: Launching UPI App Super.Money for Digital Payments
Flipkart, a major E-commerce giant has introduced a UPI – unified payments interface app Super.Money to provide credit, deposits, payments and other digital financial services. 
As a portion of beta version, the app Super.Money will be obtainable for 100,000 users. The app is live in collaboration with Axis Bank whereas it also provide credit through Utkarsh Small Finance Bank. 
According to the company’s website, DMI Finance and Credit Saison are other monetary partners of Super.Money. Also the app is presenting coupons, scratch cards or coins to make UPI payments. 
The significant developmental move comes after 18 months post separation of Flipkart and PhonePe, a foremost UPI app with around 50 percent market share in India. Amid this, Super.Money was supposedly under talks to secure $20 million from Flipkart. 
In the month of March, Flipkart propelled its own UPI services that allows the users to set up the own handle of UPI for offline and online merchant business and transactions. According to the NPCI data, the app filed 4.44 million transactions that worth 252 crore in May. 
Regarding to this, the company said in a statement, “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”. 
Similarly, Prakash Sikaria, Founder & CEO, Super.Money added, “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 democratize 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”. 
 
 

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