Flipkart-backed super.money aims to be among top five on UPI leaderboard

Flipkart-backed fintech firm super.money is aiming to be among the top five players on the Unified Payments Interface (UPI) leaderboard by the end of this year, a senior company executive has said.

The company, which rolled out its beta version in June this year, has processed about 10 million transactions till date.

“We have a target of 100 million transactions for the end of the year.

"We already have about a million users doing about half million transactions today.

"The idea is how do we scale it up to over three million by December.

"We want to be in the top five by the end of year,” said Prakash Sikaria, founder and chief executive officer, super.money.

Sikaria's confidence comes from the fact that despite being in the beta phase they have one million users.

"Going forward, it is about how the experience would be for users apart from cash backs.

"Without any marketing activity we have a million users.

"For us, the idea is to sell credit products to each user that we onboard,” he added.

Axis Bank, the fifth-largest player in the country’s real-time payments system UPI processed about 108.6 million transactions in July, according to data from National Payments Corporation of India.

Sikaria believes about four to five players, excluding the top three, would process about 1,000 million transactions by the end of the ongoing calendar year.

“This would be the first time this will happen. Last year, the narrative was that Amazon Pay and Whatsapp are unable to scale, and hence nobody can scale.

"I believe this will change dramatically in the next six months to one year,” he added.

super.money’s initial offering includes a Rupay card linked to UPI.

The company plans to launch other financial products such as fixed deposits, unsecured credit lines and credit cards, and small ticket personal loans in the next three months.

“We are primarily a credit company, and we want users to take at least one credit product.

"They can take a secured, or an unsecured card, credit line, or a personal loan,” he said.

He explained that the firm’s success criteria hinge on the percentage of its UPI users converting into accessing its credit products.

E-commerce giant Flipkart has a majority stake in the fintech firm.

While the e-commerce company has its own UPI named Flipkart UPI processing about 7.12 million transactions per month, Sikaria believes the stake wouldn’t have any conflict in terms of operations.

“Everybody is doing UPI, but their core objective may not be to build a fintech app,” he added.