Flipkart-backed SuperMoney launches UPI app
Super.Money has officially launched its credit-first Unified Payments Interface (UPI) application for the public, following a successful beta phase that saw over 10 million transactions. The Bengaluru-based startup has completed testing its credit on UPI solution and has introduced a wait-list programme. Super Money’s first credit solution is a Rupay credit card that functions as an interest-bearing wallet on UPI rails, it said.
The company is working with Utkarsh Small Finance Bank, IndusInd Bank and Axis Bank to offer various financial services.
Prakash Sikaria, founder and CEO of Super.Money, told ET that the company aims to be among the top five players in India’s competitive UPI market. Currently, Walmart-owned PhonePe and GooglePay dominate the market, accounting for over 85% of the 14.4 billion UPI transactions recorded in July.
Flipkart has committed around $20 million to the venture last year.
ET reported on August 20 that the government's proposed 30% market share cap for UPI players, put forth by the National Payments Corporation of India (NPCI), seems unlikely to be met before the deadline, which is just over four months away.
To address the high concentration of UPI transactions among a few apps, NPCI has been encouraging new third-party payment apps to invest and offer incentives to consumers over the past few months.
The Super.Money app offers users up to 5% cashback on every merchant transaction and special offers from partner merchants, including Flipkart and Myntra.
It is also rolling out
