Flipkart Group’s UPI app, super.money, has seen an impressive 10-fold growth in just two months, recording 26 million transactions in September compared to 2.5 million in July, according to data from NPCI.
Key Highlights:
- 10x Growth: Transactions surged from 2.5 million in July to 26 million in September.
- Top UPI Player: Now the 10th largest UPI app, just behind NPCI’s BHIM app.
- Launch Timeline: Launched in June with an official rollout in August.
- Engagement Focus: Targeting deeper engagement with 30-40 million consumers instead of building a massive 400-500 million user base.
Cashback and Future Plans:
Super.money offers up to 5% cashback on food, travel, and other merchant payments, helping to drive its rapid growth. The app is also focused on credit products via UPI, with a RuPay credit card in the pipeline. Over 1 million users have already joined the waitlist for this card.
UPI Competitors:
- Navi App Growth: Flipkart founder Sachin Bansal’s app, Navi, recorded 120 million transactions in September, overtaking Amazon Pay and closing in on Cred.
- Market Leaders: PhonePe and Google Pay continue to dominate with 48% and 37% market share respectively.
The UPI Ecosystem:
The UPI ecosystem recorded a massive 15 billion transactions worth ₹20.6 lakh crore in September 2024.
Super.money’s growth is just getting started, with exciting plans for cross-selling financial products. Stay tuned for more!