Exploring Flipkart’s Fintech Venture: Super.Money Beta Version Released
Flipkart’s fintech venture, Super.Money, has unveiled a beta version of its mobile application on the Android app store. Super.Money is a platform that provides a range of financial services, including payments, credit, deposits, and more.
Understanding Beta Versions
- A beta version is typically used for testing by a limited user group before being made available to the general public.
The Collaboration with Financial Institutions
The Bengaluru-based fintech startup, backed by Flipkart, is collaborating with Utkarsh Small Finance Bank, IndusInd Bank, and Axis Bank to offer various financial services.
The Journey Into Fintech
Through Super.Money, Flipkart is making its foray into the fintech sector, nearly two years after launching PhonePe, its initial fintech business. Currently, Super.Money is operational on the Unified Payments Interface in partnership with Axis Bank.
Super.Money’s Current Operations and Achievements
Super.Money has processed 4.4 million transactions and settled Rs 251 crore in value through the Unified Payments Interface in May. This indicates a promising start for the platform in the digital payments space.
Future Plans and Offerings
- Super.Money is planning to introduce credit services on UPI through its collaboration with Utkarsh Small Finance Bank.
- The platform will also provide pre-approved credit offers through its lending partners and facilitate the opening of fixed deposit accounts for customers.
- In the pipeline are plans to launch secured credit cards as well.
Impact on the Fintech Sector
With Flipkart’s entry into payments and credit services, the fintech sector is likely to witness new innovations and product launches. Industry experts suggest that Flipkart’s presence in the market could introduce disruption and foster competition among players in the UPI ecosystem.
Hot Take: Flipkart’s Fintech Venture Signals New Dynamics in the Industry
Flipkart’s venture into fintech with Super.Money reflects the company’s commitment to diversifying its offerings and exploring new avenues for growth in the digital financial landscape. By introducing a beta version of its mobile application, Super.Money is poised to make an impact in the market with its range of financial services, setting the stage for potential disruption and innovation in the sector.
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