Flipkart launches payments app, Super.money, in fintech push

2024-06-26

Flipkart's Super.money: Revolutionizing Digital Payments and Financial Inclusion in India

In a strategic move to expand its fintech footprint, Indian e-commerce giant Flipkart has quietly launched its own payments app, Super.money, as it broadens its financial services offerings more than a year and a half after separating from its former payments subsidiary, PhonePe. The Walmart-owned firm's new app, now in beta on the Google Play Store, aims to provide users with a seamless and rewarding digital payments experience, leveraging the country's popular UPI (Unified Payments Interface) network.

Unlocking the Future of Digital Finance in India

Flipkart's Super.money: Empowering Consumers and Merchants Alike

Revolutionizing the Payments Landscape

The Super.money app allows users to make mobile payments via UPI, the interoperable network that has become the most widely used digital payment method in India. Recognizing the importance of incentivizing users, the app promises "real cashback" instead of "useless rewards" for every transaction, aiming to provide a more tangible and valuable experience for its customers.

Beyond just payments, the Super.money app also plans to expand its offerings to include secured cards and lending services, further diversifying Flipkart's financial services portfolio. The app has already identified partnerships with DMI Finance, Axis Bank, and Credit Saison India, showcasing the company's strategic alliances to deliver a comprehensive suite of financial solutions.

Prakash Sikaria, the founder and chief executive of Super.money, expressed the company's vision, stating, "The landscape of digital payments and financial services is evolving rapidly, presenting incredible opportunities for innovation. Super.money aims to democratize access to financial services by leveraging the 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."

Leveraging Flipkart's Dominance in India's E-commerce Landscape

Flipkart's foray into the fintech space comes at a time when the company maintains a leading position in India's e-commerce market, which HSBC estimates generated billion to billion in sales last year. According to Bank of America, the platform serves more than twice the daily active users of its main rival, Amazon India, with over two-thirds of Flipkart's customers based in smaller Indian cities and towns.

This strategic positioning allows Flipkart to leverage its extensive customer base and reach to drive the adoption of its Super.money app, potentially tapping into the growing demand for digital financial services in both urban and rural areas. The company's plans to launch quick commerce services as early as next month further solidify its ambitions to challenge Amazon India's stronghold in urban cities, showcasing its multifaceted approach to expanding its market dominance.

Navigating the Evolving Fintech Landscape

Flipkart's move to launch its own payments app comes at a time when the fintech space in India is rapidly evolving. The company's separation from PhonePe, the largest mobile payments app in the country, has not deterred its ambitions in the financial services sector.

In fact, Flipkart's decision to develop its own payments app, Super.money, demonstrates its commitment to maintaining a strong presence in the fintech industry. The app's focus on providing real cashback and expanding its offerings to include secured cards and lending services suggests that Flipkart is positioning itself as a comprehensive financial services provider, catering to the diverse needs of its customers.

Interestingly, Flipkart is not the only giant exploring the fintech space again. Reliance's Jio Financial Services has also launched its own payments app, currently in beta, further intensifying the competition in the digital payments and financial services landscape in India.

As the fintech industry continues to evolve, Flipkart's Super.money app represents the company's strategic move to capitalize on the growing demand for digital financial services and solidify its position as a leading player in the Indian market. With its focus on innovation, customer-centric offerings, and strategic partnerships, Flipkart is poised to redefine the way consumers and merchants engage with and consume financial services in the country.

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