Flipkart Founded in October 2007 by IIT Delhi alumni Sachin Bansal and Binny Bansal, Flipkart began its journey in a modest two-bedroom apartment in Kormangala, Bengaluru. The duo, former Amazon employees, launched their website with a focus on book sales, backed by an initial family investment of INR 2 lakh each, offering nationwide shipping.
Fast forward to today, Flipkart, the Indian e-commerce titan, has unveiled its latest venture: Super.Money, a unified payments interface (UPI) app. This new platform aims to revolutionize financial services by providing users with an array of options including payments, credit, and deposits. Super.Money signifies Flipkart’s continued innovation and commitment to enhancing financial accessibility for all.
The app is currently in beta mode and will be initially available to 100,000 users. 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,” according to Prakash Sikaria, the CEO of Super.Money.
The app will offer up to 5% cashback on transactions, in contrast to “useless rewards” offered by competitors. It will also provide credit services through a partnership with Utkarsh Small Finance Bank, as well as fixed deposit offerings. Other financial partners of Super.Money include Axis Bank, DMI Finance, and Credit Saison.
The launch of Super.Money comes nearly 18 months after Flipkart’s fintech subsidiary, PhonePe, was separated from the company. PhonePe is currently the largest player in the UPI ecosystem, with a market share of around 49.2%.
Flipkart had its own UPI handle within the shopping app, and the launch of a separate app indicates the company’s aggressive push into the fintech space.
The move by Flipkart to enter the fintech space with Super.Money comes at a time when there are concerns about the UPI market becoming a duopoly, with PhonePe and Google Pay together accounting for around 87% of the market share. The launch of Super.Money is seen as an attempt by Flipkart to challenge the dominance of the top players in the UPI ecosystem.
Avinash Dyal
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