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Amerindic e - commerce giant Flipkart has quietly started rolling out its own payment app , dubbed Super.money , as it branch out its fintech ambition more than a twelvemonth and half afterseparating from PhonePe .
The Walmart - have firm ’s new app , nowlive in genus Beta on playing period Store , allows drug user to make nomadic requital via UPI , an interoperable connection that is the most popular room Indians transact online . To woo customers , Super.money is promise “ material cashback ” and not “ useless reward ” for paying , post or receiving money via the app , the Android app ’s verbal description says .
The house , part of Flipkart Group , also plan to dilate its offerings to include batten down cards and lending , consort to description inside the app . Super.money identifies DMI Finance , Axis Bank and Credit Saison India among its married person on its website .
A Super.money spokesperson confirmed the beta launch of its eponymous app . “ With an uncluttered UX and focus on great reward for every transaction , Super.money signify to change the way people engage with and consume financial services . The Super.money squad will continue to assess customer feedback in the coming weeks and improve the mathematical product further , ” the spokesperson say .
The launch travel along Flipkart ’s separation from PhonePe in belated 2022 . PhonePe is the largest mobile requital app in India , process nigh 50 % of all transactions on the UPI connection .
When it tell from PhonePe , Flipkart had no quick plans to re - enter the fluid payments market , TechCrunch report at the clock time . The company is no stranger to fiscal services , however , as it has been lend money to merchants for a foresighted meter and has partnership with lenders to bid episode to customers .
Prakash Sikaria , beginner and master executive of Super.money , tell TechCrunch in a assertion : “ The landscape of digital payments and fiscal services is evolving rapidly , presenting incredible opportunities for conception . super.money aims to democratise memory access to financial armed service by leverage UPI substructure , which is aligned to the Government ’s heavy visual sense of financial inclusion . We have been process on several exciting products that we will launch before long . ”
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Flipkart maintains a leading position in India ’s east - commercialism marketplace , which HSBC estimation generated $ 60 billion-$65 billion in sales last year . accord to Bank of America , the platform serves more than twice the daily fighting user of Amazon India , its main rival . More than two - third base of Flipkart ’s customers are based in smaller Indian city and towns . Flipkart plans tolaunch quick commerce services as early as next month , aiming to gainsay Amazon India ’s fastness in urban cities .
Flipkart is n’t the only giant exploring the fintech outer space again . Reliance ’s Jio Financial serviceslaunched its own payments app , also in beta , last calendar month .
