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Flipkart launches UPI app Super.Money to offer financial services

EntrackrEntrackr · 1y ago
Flipkart launches UPI app Super.Money to offer financial services
Medial

E-commerce major Flipkart has launched a unified payments interface (UPI) app Super.Money to offer payments, credit, deposits and other digital financial services. As a part of the beta version, the app will be available for initial 100,000 users. The app is live in partnership with Axis Bank while it will also offer credit through Utkarsh Small Finance Bank. As per the company’s website, DMI Finance and Credit Saison are other financial partners of Super.Money. The app is also offering coupons, scratch cards or coins for making UPI payments. “Super.money aims to democratise access to financial services by leveraging UPI infrastructure, which is aligned to the government’s larger vision of financial inclusion,” said Prakash Sikaria, CEO of Super.Money. The development comes 18 months after the separation of Flipkart and PhonePe, which is the leading UPI app in India with nearly 50% market share. It’s worth highlighting that Flipkart also has its own UPI handle within the shopping app. Super.Money was reportedly in talks to raise $20 million from Flipkart. In March, Flipkart launched its own UPI services which will allow its users to set up their own UPI handle for online and offline merchant transactions. As per NPCI data, the app registered 4.44 million transactions worth Rs 251 crore in May. Its arch rival Amazon Pay did 68.34 million transactions in the last month. With 48.6% market share, PhonePe is the leader among UPI apps followed by Google Pay and Paytm with 37% and 8% market share respectively.

Flipkart’s Super.money pushes CRED out of top 5 UPI app in Feb

EntrackrEntrackr · 10m ago
Flipkart’s Super.money pushes CRED out of top 5 UPI app in Feb
Medial

Flipkart’s Super.money pushes CRED out of top 5 UPI app in Feb The Unified Payments Interface (UPI) recorded a 5.2% decline in transaction volume, totaling 16.11 billion in February 2025. While the top three UPI apps—PhonePe, Google Pay, and Paytm—continued to dominate the market, Flipkart’s Super.money entered the top five for the first time. PhonePe accounted for 47.54% of transaction volume (7,656.40 million) and 50.94% of the total value (Rs 11,18,963.81 crore). Google Pay secured the second position, processing 5,836.80 million transactions (36.24% volume share) worth Rs 7,71,089.15 crore (35.11% value share). Paytm recorded 6.70% volume share and Rs 1,17,090.29 crore in value (5.33% value share). Among smaller players, Cred stood out with Rs 45,127.72 crore in transactions (2.05% value share), despite a 0.79% volume share. Navi and Super.money held minor shares, processing 260.75 million and 139.10 million transactions, respectively. In terms of volume, Super.money has replaced CRED to become the 5th largest UPI app in the last month. As UPI adoption continues to grow, PhonePe and Google Pay control over 83% of the market, with Paytm striving to stay competitive. NPCI Chief Dilip Asbe recently revealed that UPI has 450 million users, with 200 million active daily. He emphasized the need for RBI, the government, and financial institutions to support strategies aimed at onboarding 200-300 million more users.

Rediff.com India receives TPAP licence from NPCI

EntrackrEntrackr · 10d ago
Rediff.com India receives TPAP licence from NPCI
Medial

Rediff.com India receives TPAP licence from NPCI Rediff.com India announced that it has received final approval from the National Payments Corporation of India (NPCI) for its Third-Party Application Provider (TPAP) licence, paving the way for the rollout of its digital payments platform, RediffPay. With this approval, the company has commenced Closed User Group (CUG) testing, an essential step before entering the Unified Payments Interface (UPI) ecosystem. It is also preparing to launch what it claims will be India’s first UPI app built around a financial-wellness, customer-centric proposition, designed to encourage saving, investing, and responsible access to credit. According to the company’s press release, the CUG testing marks its entry into the UPI ecosystem. “It enables us to extend secure, interoperable UPI services through RediffPay and advances our mission to broaden financial inclusion while delivering simple, intuitive digital payment experiences for users across India,” the release said. RediffPay aims to combine traditional UPI features with a broader financial-wellness, customer-centric offering. Beyond standard bill payments, mobile recharges, and cross-app UPI interoperability, the app will promote better financial habits through curated savings and investment products such as equities, mutual funds (MFs), fixed deposits (FDs), recurring deposits (RDs), and similar products, along with pathways to quick credit. The RediffPay platform will also support Credit Line on UPI, expanding access to formal credit, particularly in Tier-2, Tier-3, and smaller towns and cities. The company plans to onboard small, micro, mid-sized, and large merchants across India by offering RediffPay UPI QR-code-enabled point-of-sale (POS) solutions, integrating merchant credit demand into its UPI ecosystem. Rediff.com India is a subsidiary of Infibeam Avenues, which acquired a controlling stake in Rediff in 2024 and has since increased its holding to 82%. The company aims to serve its existing base of 60 million unique Rediff visitors and email users. It will offer localised email services compliant with the DPDP Act and provide multilingual UPI services to reach the next 250 million users in India.

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