Flipkart Group's super.money Surpasses Amazon Pay, WhatsApp Pay to Become Sixth Largest UPI App

flipkart Group’s UPI-based payment app, super.money, has surged ahead of both Amazon Pay and WhatsApp Pay, becoming the sixth largest UPI player in India as of November. 

The Bengaluru-based company reported a 60% increase in its monthly transactions, reaching 79 million in November compared to 50 million in October. Despite this growth, super.money holds just a 0.5% market share, with market leaders PhonePe at 48%, google Pay at 37%, and Paytm at 7%.

Launched in August, super.money has seen rapid growth, driven by the introduction of various financial services. In November, the app launched fixed deposit (FD) services in collaboration with four small finance banks. 

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The company aims to hit 100 million transactions by the end of the year, according to founder Prakash Sikaria. With 7 million users, super.money plans to expand its user base to 30 million. Additionally, the app introduced a secured credit card feature on UPI, in partnership with Utkarsh Small Finance Bank.

Meanwhile, Navi, led by Sachin Bansal, reported a decline in transactions for the first time since April. The company saw 153 million transactions in November, down from 158 million in October, possibly due to a regulatory ban on lending during the month. 

However, the Reserve Bank of India lifted this ban recently, and Navi had previously experienced over 30% month-on-month growth.

Flipkart’s own payments platform, Flipkart UPI, recorded 13 million transactions in November, a slight decline from 14.5 million in October.

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