Flipkart Group Launches New Payments App, super.money, Targeting First-Time Borrowers

• Flipkart has introduced a new payments app, super.money, to facilitate UPI payments and offer cashback, aiming to strengthen its position in the fintech sector.
• The app, launched in beta in June, has already processed 10 million transactions and achieved 1 million downloads, offering up to 5% cashback on merchant transactions.
• Super.money plans to introduce a credit on UPI feature, partnering with NPCI for a co-branded credit card, targeting borrowers from tier 2 and tier 3 cities.
• Prakash Sikaria, CEO of super.money, emphasized the focus on first-time borrowers who have never had an unsecured credit card, aiming to formalize credit for this group.

Source: Live Mint