Flipkart launches UPI payments app offering cashback rewards

Walmart-owned Indian e-commerce company Flipkart has launched a Unified Payments Interface (UPI) payments app that offers up to 5% cashback on purchases.

The new super.money app is available on the Google Play Store.

“Unlike other UPI apps, we will never offer you unnecessary coupons, scratch cards or coins,” the company told the store. “Instead, get used to up to 5% cash back on every transaction.”

The app will also offer “credit cards that improve your credit” and “personal loans that won’t require multiple paperwork”, super.money, a Flipkart group company, said on its LinkedIn page.

Currently, the app aims to differentiate itself from others with a clean user experience and a focus on rewards for each transaction, a super.money spokesperson told TechCrunch.

The app is currently in beta and the company will continue to refine the product based on user feedback, the spokesperson added.

The launch of super.money follows Flipkart’s separation from Indian mobile payments app PhonePe in late 2022, according to the report.

Although Flipkart had no plans at the time to offer mobile payments, it already offered other financial services such as merchant loans and installment payments to customers, the report said.

The Flipkart marketplace has more than 500 million registered users, 1.4 million sellers and 150 million products across 80 categories, the company announced in May.

Walmart said Flipkart and PhonePe, which Walmart also owns, could become $100 billion companies. The companies could go public in a few years, the retailer announced in early June.

In March, Flipkart launched a UPI handle to enhance its digital payment offerings by adding the instant payment system. The company said at the time that Flipkart UPI allows users to set up their own UPI ID for transactions, both online and offline, and both inside and outside the Flipkart marketplace.

PYMNTS Intelligence found that 55% of Indian consumers paid for their last digital retail purchase with UPI. Additionally, India accounts for 46% of the world’s real-time payments and records more digital transactions than any other country, according to the “2023 Global Digital Shopping Index: India Edition,” a collaboration between PYMNTS Intelligence and Cybersource.