Flipkart Group's super.money becomes sixth largest UPI app

Prakash Sikaria, Founder and CEO, super.money

Flipkart Group’s payments-focussed UPI app super.money has become the sixth largest player in November, racing ahead of Amazon Pay and WhatsApp Pay.

The Bengaluru-based company reported a 60 percent growth to 79 million transactions in November as compared to around 50 million transactions it registered during the previous month.

To be sure, even with this growth, the top three players are far ahead of others with super.money reaching a market share of 0.5 percent. Market leader PhonePe has around 48 percent share, Google Pay 37 percent and Paytm is a distant third at 7 percent.

The company launched fixed deposit (FD) last month in partnership with four small finance banks. super.money was officially launched in August and has seen rapid growth and expects to hit 100 million by the end of this year, its founder Prakash Sikaria told Moneycontrol recently.

The company has around seven million users and is looking to grow to 30 million. It has launched a secured credit card on UPI in partnership with Utkarsh Small Finance Bank.

Meanwhile, Sachin Bansal-led Navi saw a month-on-month decline in the number of transactions for the first time since April this year when the firm started courting payment users aggressively with cashbacks.

The non financial banking company was hobbled by a regulatory ban on lending during November. It is not clear whether this had an impact on Navi’s payments business. However, Reserve Bank of India has lifted the restrictions last week.

Navi reported 153 million transactions during November, compared with the 158 million transactions the company recorded during October this year. This could be also because of the festive season sales across offline and online platforms driving the payments in October.

However, Navi has been registering more than 30 percent month-on-month growth until now and seems like a case of growth slowing down.

Flipkart UPI, the real-time payments platform of the e-commerce company available within the app, reported 13 million transactions during the month, a gradual decline from the 14.5 million transactions during October.