📱 New App Launch
Flipkart, the Indian e-commerce giant, has launched a new payments app called Super.money. The app is currently available in beta on the Play Store. Super.money uses UPI, the most popular way Indians transact online. The app promises “real cashback” for paying, sending, or receiving money, which differentiates it from other apps offering "useless rewards."
💳 Future Plans
Super.money plans to expand its offerings to include secured cards and lending. It has partnered with DMI Finance, Axis Bank, and Credit Saison India to provide these services. A spokesperson from Super.money confirmed the beta launch and emphasized the app's focus on great rewards and an uncluttered user experience.
🔀 Separation from PhonePe
The launch of Super.money follows Flipkart’s separation from PhonePe in late 2022. PhonePe is the largest mobile payments app in India, processing nearly 50% of all UPI transactions. Despite the separation, Flipkart has continued to lend money to merchants and offer installment options to customers, showcasing its experience in financial services.
🌍 Market Position
Flipkart maintains a strong position in India's e-commerce market, generating $60B-$65B in sales last year. According to Bank of America, Flipkart serves more than twice the daily active users of its main rival, Amazon India. With the launch of Super.money and plans for quick commerce services, Flipkart aims to further strengthen its position in both the e-commerce and fintech markets.
Will you use Flipkart's new Super.money app?
