Flipkart group launches super.money to re-enter India's fintech space

E-commerce giant Flipkart has rolled out a beta version of its fintech application super.money on the Play Store as the company looks to tap into the growing digital financial services sector in India.

Apart from payments on Unified Payments Interface (UPI), the platform will offer services such as credit, deposit, credit card, among others.

A super.money spokesperson confirmed the beta launch of the app.

“super.money, a UPI super app, backed by Flipkart, has launched a beta version of its Android app. The super.money team will continue to assess customer feedback in the coming weeks and improve the product further,” the company said in a statement.

The company is expected to launch a few more services on the app in the next few weeks.

“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 with the government's larger vision of financial inclusion. We have been working on several exciting products that we will launch soon," said Prakash Sikaria, founder and chief executive officer (CEO), super.money.

The launch of the app comes nearly 18 months after fintech major PhonePe separated from Flipkart.

Bengaluru-based PhonePe is the largest player when it comes to UPI transaction volumes.

The company corners nearly 49.2 per cent market share in the UPI space, followed by Google Pay at 37.5 per cent, and Paytm at 8.21 per cent share as of May 2024.

The launch of super.money comes at a time when there are duopoly concerns in India’s UPI space. The top two players, PhonePe and Google Pay, corner about 87 per cent of the UPI market share.