E-commerce giant Flipkart has taken a step into the fintech world with the launch of its own payments app, Super.money. This move comes over a year and a half after Flipkart separated from PhonePe. The new app, currently available in beta on the Play Store, allows users to make mobile payments via UPI, according to a report by TechCrunch.
Super.money is positioned as a user-friendly app with a focus on providing real value to users. “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,” a spokesperson for Super.money stated. The app promises “real cashback” for transactions, a departure from what it describes as “useless rewards” offered by other payment platforms.
Prakash Sikaria, founder and chief executive of Super.money, highlighted the company’s vision: “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.”
Super.money’s ambitions extend beyond simple payments. The app describes plans to expand its offerings to include secured cards and lending. The app’s website identifies DMI Finance, Axis Bank, and Credit Saison India as its partners.
This development comes on the heels of a significant investment from Google. The tech giant has invested nearly $350 million in Flipkart, pushing the e-commerce company’s valuation to nearly $36 billion. Flipkart confirmed Google’s role as a “minority investor” in a statement, adding that the investment was part of a recent funding round led by Walmart.
