Super Money Launches Credit-First UPI App
Ecommerce major Flipkart’s fintech venture Super.Money has officially launched its credit-first Unified Payments Interface (UPI) application for the public after a successful beta phase that saw over 10 million transactions. The Bengaluru-based startup has completed testing its credit on UPI solution and has introduced a wait-list program. Super Money’s first credit solution is a Rupay credit card that functions as an interest-bearing wallet on UPI rails.
Entering the Competitive UPI Market
- Super Money aims to be among the top five players in India’s competitive UPI market
- Currently, Walmart-owned PhonePe and GooglePay dominate the market
- They account for over 85% of the 14.4 billion UPI transactions recorded in July
Investment and Market Share Cap
- Flipkart has committed approximately $20 million to the venture
- The government’s proposed 30% market share cap for UPI players seems unlikely to be met before the deadline
- The National Payments Corporation of India (NPCI) has been encouraging new third-party payment apps to invest and offer incentives to consumers
Super Money’s User Benefits
- Offers users up to 5% cashback on every merchant transaction
- Provides special offers from partner merchants, including Flipkart and Myntra
- Rolling out new rewards programs like Super Name Drop, Raffle, and Meme Money
Future Financial Products
In the coming months, Super.Money plans to introduce a range of financial products, including a co-branded credit card, fixed deposits (FDs), and instant pre-approved personal loans to meet the diverse financial needs of Indian users.
Hot Take: Revolutionizing Financial Services on UPI Rails
Super Money’s launch of the credit-first UPI app signifies the evolution of financial services on UPI rails in India. With innovative credit products and user-friendly features, Super Money aims to revolutionize the way Indians access formal credit infrastructure. Stay tuned for more exciting developments in the fintech space!
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