According to media reports, ecommerce giant Flipkart has introduced a new unified payments interface (UPI) app, Super.Money, designed to provide a range of financial services including payments, credit, and deposits.
In its beta phase, Super.Money will be accessible to the first 100,000 users. The app is being launched in partnership with Axis Bank and will offer credit services through Utkarsh Small Finance Bank. Additionally, DMI Finance and Credit Saison are listed as financial partners on the Super.Money website, as per media reports.
Users of Super.Money will also benefit from rewards such as coupons, scratch cards, or coins for making UPI payments
This launch comes 18 months after Flipkart and PhonePe, India’s leading UPI app with nearly 50 per cent market share, parted ways. Notably, Flipkart also offers a UPI handle within its shopping app.
Reports suggest that Flipkart is in discussions to raise $20 million for Super.Money.
