super.money Launches New Credit-First UPI App; Hits 10M Transactions in Beta Phase

Backed by Flipkart Group, super.money has officially transitioned out of its beta version, following a successful testing phase
Initial offering includes UPI through RuPay Card and bank account linkage
Plans to launch first of its kind credit on UPI offering in the coming months

Bengaluru – August 21, 2024: super.money, a credit-first UPI service platform, today officially launched its app, after a successful beta phase. During the beta phase, the app witnessed close to one million downloads, driving over 10 Million transactions, showcasing significant adoption of the app. super.money has also finished testing out a first of its kind, credit on UPI solution, and has started a waitlist program for the same. super.money’s first solution is a RuPay credit card that operates like an interest bearing wallet on UPI rails, and is touted to be a global first.

super.money launched its UPI offerings with a strong focus to enhance rewards & credit experiences for everyday transactions. The app offers up to 5 per cent cashback on every merchant transaction and special offers from partner merchants including Flipkart and Myntra.

super.money is transforming payments into a social and engaging experience with its innovative rewards programs like superNameDrop, Raffle, and Meme-Money. superNameDrop is a construct where users can earn instant cashback by sending money to someone with the featured name of the week. Raffle, which is slated to launch soon, offers users the chance to win exciting prizes, while Meme-Money adds a social element to financial transactions, making them both engaging and rewarding.

Backed by the aim to tap into India’s growing consumer credit opportunity, super.money has integrated with NPCI’s RuPay infrastructure for its co-branded credit card. Since inception, UPI QR codes have quickly surpassed POS systems while unlocking new payment and credit use cases that may not have existed before. As per recent reports, the cost of credit acceptance for merchants has dropped to zero on smaller-value transactions – a global first – which is expected to significantly boost UPI adoption in India. Credit on UPI will materially change the borrower profile, and in turn, accelerate retail credit adoption in the country. This is also set to bring users from Tier 2 and Tier 3 India into the realm of formal credit.

In the coming months, super.money plans to introduce a range of financial products in partnership with leading financial institutions, including a co-branded credit card, fixed deposits (FDs) and instant pre-approved personal loans, catering to the diverse financial needs of Indian customers. super.money aims to democratize access to financial services by leveraging the UPI infrastructure, which is aligned to the Government’s larger vision of financial inclusion.

Prakash Sikaria, Founder & CEO of super.money, said, “The timing of super.money’s app launch is incredibly opportune, coming on the heels of UPI crossing ₹20 trillion in transactions for the third consecutive month. Our beta phase was instrumental in shaping the super.money experience, particularly in how we innovate at the forefront of credit on UPI. The digital payments landscape in India is brimming with opportunities but the real potential lies in integrating financial services on UPI rails in a simplified way. We have started with innovating on credit products as it does an important job of introducing millions of Indians to formal credit infrastructure. At super.money, our vision goes beyond being just a payment platform. We aim to redefine how users engage with financial services, making them more accessible, rewarding, and aligned with the government’s vision for a digitally empowered India.”

Currently, super.money has partnered with a wide range of financial institutions to power financial services. The super.money app is currently available to all Android users, and is soon to be launched on the iOS platform.

As per NPCI, credit transactions on India’s flagship payments platform Unified Payments Interface (UPI) are reaching Rs 10,000 crore each month. This presents a vast opportunity for fintech companies to make credit more convenient for consumers.