Flipkart’s fintech app super.money's UPI market share stays stagnant; here’s what it’s trying next

super.money growth stagnates

• super.money's UPI market share stagnated at 1.3% from July to December 2025
• Company shifts focus to Rupay credit card UPI transactions with cashback offers
• BHIM and Navi gained UPI market share; PhonePe and Google Pay remain leaders

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Flipkart group’s UPI app super.money has hit a plateau in market share for five straight months, even as it continues to add more products and features.

In December 2025, super.money’s UPI transaction-volume market share stood at 1.3 percent, the same level it recorded in July 2025, according to data from the National Payments Corporation of India (NPCI), which operates UPI.

Its transaction-value market share inched up only slightly over the same period, from 0.35 percent in July to 0.4 percent in December.

Launched in July 2024, super.money climbed to become India’s fifth-largest UPI app by July 2025, overtaking players such as BHIM, WhatsApp Pay, CRED and Amazon Pay.

“Market share conversations need to be viewed with context to momentum and customer behaviour. What is equally important is how we are growing. When it comes to our customer strategy, we have always maintained a clear focus on quality over quantity. We already have one of the highest Average Revenue Per User (ARPU) amongst the top 5 UPI apps," the company said in a statement to Moneycontrol.

The company's founder and CEO Prakash Sikaria told Moneycontrol earlier that it focusses on high-value customers rather than chasing the long tail of UPI users.

Navi and BHIM post big gains

Interestingly, NPCI’s subsidiary BHIM and Sachin Bansal-led Navi continue to grow their market share since July 2025.

BHIM increased its market share to 0.7 per cent in December, up from 0.4 per cent in July. Navi increased its market share to 3.1 percent from 2.2 percent in July.

Market leaders PhonePe and Google Pay continue to maintain their market share of 45 percent and 34 percent, respectively.

super.money’s focus on Rupay card

In December 2025, super.money processed around 287 million transactions worth Rs 11,760 crore, compared with around 253 million transactions worth Rs 9,018 crore in July 2023.

Offering cashback on everyday merchant spends, the app has rapidly scaled its user base by targeting digitally savvy, first-time earners.

However, the company has reduced cashbacks on UPI payments from savings accounts, and is rather focussing on the Rupay credit card transactions through UPI. A credit card issued on the Rupay network, run by NPCI, can be linked to UPI.

"Every single merchant transaction on super.money continues to earn cashback, and that promise hasn’t changed. For us, sustainable market share is a function of trust, habit, and long-term value creation," the company spokesperson added.

Since UPI does not have a merchant discount rate (MDR), more merchant transactions do not translate into higher revenue. MDR is the payment commission that merchants pay to banks, apps and other payment firms.

Meanwhile, Rupay credit card transactions happening through the UPI network have MDR.

New product launches

In May, the company launched a co-branded Axis Bank Rupay credit card offering 3 percent cashback for every UPI scan and pay transaction.

In July, the company entered the travel category with the launch of flights on the app.

The e-commerce company is looking to attract young and digitally-savvy travellers, and compete with other fintechs like Scapia and Niyo, that are also focused on the travel category.

The company is offering 5 percent reward on flight bookings through Unified Payments Interface (UPI) and super.money cobranded credit cards.

Financial services play

The company is focusing on building a 50-million user base, and aims to serve 30-40 million deeply-engaged users who can be cross-sold financial products.

The company has a strong lending vertical. It is also considering entry into broking to provide customers’ an “interface at the intersection of UPI, AI and broking”, the company founder and CEO Sikaria said in a social media post.