Flipkart Expands Fintech Ambitions with the Launch of Super.money
In a move that is set to disrupt the Indian fintech landscape, e-commerce giant Flipkart has quietly launched its own payments app, dubbed Super.money, as it broadens its fintech ambitions more than a year and half after separating from PhonePe.
Beta Launch of Super.money App
The Walmart-owned firm’s new app, now live in beta on Play Store, allows users to make mobile payments via UPI (Unified Payments Interface), an interoperable network that is the most popular way Indians transact online. To woo customers, Super.money is promising ‘real cashback’ and not ‘useless rewards’ for paying, sending or receiving money via the app, as described in the Android app’s description.
Expansion of Offerings
The firm, part of Flipkart Group, also plans to expand its offerings to include secured cards and lending, according to descriptions inside the app. Super.money identifies DMI Finance, Axis Bank, and Credit Saison India among its partners on its website.
A Super.money spokesperson confirmed the beta launch of its eponymous app, stating: "With an uncluttered UX (User Experience) and focus on great rewards for every transaction, Super.money intends to change the way people engage with and consume financial services. The Super.money team will continue to assess customer feedback in the coming weeks and improve the product further."
Background on Flipkart’s Fintech Ambitions
The launch follows Flipkart’s separation from PhonePe in late 2022. PhonePe is the largest mobile payments app in India, processing nearly 50% of all transactions on the UPI network. When it separated from PhonePe, Flipkart had no immediate plans to re-enter the mobile payments market.
However, Flipkart is not new to financial services. The company has been lending money to merchants for a long time and has partnerships with lenders to offer installments to customers.
Founder’s Vision
Prakash Sikaria, founder and chief executive of Super.money, said: "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. We have been working on several exciting products that we will launch soon."
Flipkart’s Dominance in India’s E-commerce Market
Flipkart maintains a leading position in India’s e-commerce market, which HSBC estimates generated $60 billion-$65 billion in sales last year. According to Bank of America, the platform serves more than twice the daily active users of Amazon India, its main rival.
More than two-thirds of Flipkart’s customers are based in smaller Indian cities and towns. The company plans to launch quick commerce services as early as next month, aiming to challenge Amazon India’s stronghold in urban cities.
Competitive Landscape
Flipkart isn’t the only giant exploring the fintech space again. Reliance’s Jio Financial Services launched its own payments app, also in beta, last month.
Conclusion
The launch of Super.money by Flipkart marks a significant move by the e-commerce giant to expand its fintech ambitions. With the promise of real cashback and an uncluttered UX, the app is set to disrupt the Indian fintech landscape. The company’s plans to expand its offerings to include secured cards and lending will further solidify its position in the market.
As the competitive landscape continues to evolve, one thing is certain: Flipkart is here to stay in the fintech space, and Super.money is just the beginning of its ambitious plans.
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