Walmart-owned Flipkart’s fintech arm super.money is making an aggressive push into the credit distribution space, with the launch of a co-branded credit card in partnership with Axis Bank. The company, which launched its app about 10 months ago, is currently the fifth-largest UPI player, processing around 175 million transactions monthly.
Unlike incumbents such as PhonePe, Google Pay, and Paytm, which function as horizontal UPI platforms catering to a wide range of digital payment use cases, super.money has positioned itself as a “scan-and-pay” app. The app has gradually expanded beyond UPI to offer fixed deposits and secured cards, and is now preparing to launch more credit products, and eventually wealth and insurance products.
“We will go very deep into the credit card space, while also accelerating personal loans in a meaningful way. You will see EMI and buy-now-pay-later products from us as well,” Prakash Sikaria, founder and CEO, told FE in an interaction. The latest co-branded credit card runs on the RuPay network and is designed to offer 3% cashback on scan-and-pay transactions and 1% on other spends.
Sikaria said the product is already receiving strong consumer feedback in controlled roll-outs and expects it to be a top-running card on the RuPay network. To further strengthen its credit offerings, super.money bought checkout financing platform BharatX in an all-cash deal in February, aiming to address the growing demand for innovative credit on UPI solutions. BharatX offers buy-now-pay-later and EMI solutions to customers at the point of sale.
The company says 40% of super.money users are first-time borrowers, and more than 50% of its users come from Tier 2 and Tier 3 cities. With over 15 lending partners, super.money’s marketplace has surpassed $700 million in disbursements so far.
Flipkart hived off super.money last August as an independent subsidiary with an initial capital infusion of $20 million, marking a strategic foray into the fintech space. The move was aimed at creating a full-stack digital financial services platform that could tap into Flipkart’s vast consumer base. It is now targeting profitability by December.
Unlike Amazon Pay, which remains largely embedded within the Amazon shopping ecosystem and does not have a separate app, super.money is being built as a standalone fintech platform. While Amazon Pay focuses on facilitating seamless checkouts, recharges, and bill payments for its own customers, 85% of super.money’s user base has not transacted on Flipkart in the last 12 months.
According to National Payments Corporation of India data, super.money currently has a UPI market share of 0.9%. Sikaria attributed the rapid adoption of its UPI app to a focused strategy targeting younger, affluent users and a differentiated user experience that prioritises scanning as the primary use case.