Flipkart Launches Super.money Payments App in India

Indian e-commerce giant Flipkart has launched its own payments app, Super.money, signifying its expansion into the fintech arena. This move comes over a year after Flipkart separated from PhonePe, the dominant mobile payments app in India.

• Super.money is currently available in beta on the Play Store, allowing users to make mobile payments via UPI, India's widely used interoperable network.
• The app is designed to attract customers with "real cashback" for making payments, sending, or receiving money.

Expanding Fintech Ambitions in India

Flipkart's fintech foray goes beyond just payments. The company is planning to offer secured cards and lending services, leveraging partnerships with DMI Finance, Axis Bank, and Credit Saison India.

• Super.money aims to offer a user-friendly experience and attractive rewards for every transaction.
• The app will be further improved based on customer feedback.

India's E-commerce Giant Returns to Mobile Payments

Flipkart's entry into the mobile payments market comes after its separation from PhonePe, which holds a dominant position in India's mobile payments landscape, handling almost half of all transactions on the UPI network.

• Flipkart had initially refrained from entering the mobile payments market after the separation.
• However, the company's existing financial services experience, including merchant lending and customer installment programs, paved the way for its new fintech venture.

Super.money: A Vision for Financial Inclusion in India

Prakash Sikaria, CEO of Super.money, emphasizes the app's mission to democratize access to financial services by leveraging the UPI infrastructure, aligning with the government's vision of financial inclusion.

• The company plans to introduce a range of innovative financial products in the near future.

Flipkart's Continued Dominance in India's E-commerce Market

Flipkart remains a leading player in India's e-commerce landscape, generating a significant portion of the country's e-commerce sales. The platform's reach extends beyond major cities, with more than two-thirds of its customers residing in smaller towns and cities across India.

• Flipkart plans to introduce quick commerce services in the coming month, aiming to compete with Amazon India's strong presence in urban areas.

Fintech Competition Heats Up in India

Flipkart's entry into the fintech space is not an isolated move. Reliance's Jio Financial services has also launched its own payments app, adding to the growing competition in India's fintech landscape.

• The launch of Super.money signifies the increasing interest of major players in expanding their fintech offerings and capturing a larger share of India's burgeoning digital payments market.