Flipkart Launches UPI Payment App Offering Cashback Rewards

Walmart-owned Indian eCommerce firm Flipkart has launched a Unified Payments Interface (UPI) payment 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’ll never offer you useless coupons, scratch cards or coins,” the company said in the store. “Instead, get used to up to 5% cashback on every transaction.”

The app will also offer “credit cards that improve your credit” and “personal loans that won’t take multiple red tape to get,” super.money, a Flipkart Group company, said on its LinkedIn page.

Currently, the app aims to differentiate itself from others with an uncluttered user experience and a focus on rewards for every 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.

While Flipkart had no immediate plans to offer mobile payments at that time, it already offered other financial services like loans to merchants and installment payments for customers, the report said.

The Flipkart marketplace includes upwards of 500 million registered users, 1.4 million sellers and 150 million products across 80 categories, the company said in May.

Walmart has said that both Flipkart and PhonePe, which Walmart also owns, could become $100 billion businesses. The companies could go public in a couple of years, the retailer said in early June.

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

PYMNTS Intelligence has found that 55% of consumers in India paid for their most recent digital retail purchase with UPI. In addition, India accounts for 46% of the world’s real-time payments and logs more digital transactions than any other nation, according to the “2023 Global Digital Shopping Index: India Edition,” a PYMNTS Intelligence and Cybersource collaboration.