Flipkart rolled out its own UPI App ‘Super.Money’ to re-enter Fintech Space

Recently, the Largest e-commerce company in India, Flipkart has introduced a new UPI App super.money providing payments, credit, deposits and other Fintech-related digital money services.

The app is currently in partnership with Axis Bank while the app will also provide credit via Utkarsh Small Finance Bank. As per the details of the official website of the company, the other financial counterparts of super.money are DMI Finance and Credit Saison.

The app is also giving coupons, scratch cards and coins on payment done through UPI.

This has happened a year and a half after PhonePe was spun off from Flipkart and at present PhonePe dominates the UPI market in India with almost 50% of the total traffic. Pertinently, it is important to note that like other e-commerce companies, Flipkart also provides a payment gateway facility using the UPI option within the shopping app itself.

In March, Flipkart attempted to introduce its own UPI services that will enable Flipkart’s users to receive and set up their own Unified Payment Interface handle for undertaking online and offline merchant payments. The app has touched 4.44 million transactions valued at Rs. 251 crore in May alone as per the NPCI data. Its closest competitor indeed is Amazon Pay which completed 68.34 million in the last month.

Currently, PhonePe dominates in UPI application consistently through having a 48.6% market share followed by Google Pay and Paytm with 37% and 8% market shares respectively.