The Walmart-owned Flipkart Group recently launched a new ” Super Money payment app.” This app will offer attractive deals to customers who make transactions using it.
Flipkart split from Phone Pe, another payment app, in December 2022. “Super Money” allows customers to make payments using the Unified Payments Interface (UPI) and receive cashback.
The Flipkart Group, which owns e-commerce giant Flipkart, travel booking firm ClearTrip, and fashion brand Myntra, separated from Phone Pe in 2022 and has now introduced its payment app.
The app was launched in beta mode in June and has seen 1 million downloads and 10 million transactions. It offers exclusive cashback offers of up to 5% on transactions made through partner platforms such as Myntra and Flipkart.
Flipkart plans to introduce a Credit on UPI offering in partnership with the National Payments Corporation of India (NPCI) UPI Infrastructure, which is expected to expand credit access, particularly for borrowers in smaller cities.
The company targets first-time borrowers who have never used any loan, including credit cards. Prakash Sicaria, CEO of Super Money, stated that the app aims to attract customers who have never had an unsecured card before, as they are likely to use it enthusiastically once provided.
Super Money aims to be one of the top players in its category by December. It operates independently from Flipkart’s UPI offering and provides financial services in collaboration with various financial institutions. Currently available on Android, the app will soon be available on iOS.