group's Unified Payments Interface (UPI) app super.money launches more than a year after separating from WalMart-backed fintech .
super.money, currently in beta mode, will be initially available to just 100,000 users, its website said. The app is currently available for download on Google Play Store.
According to the app description, it will also offer "credit with the speed of UPI" issued in partnership with Utkarsh Small Finance Bank. The app description also lists Axis Bank and IndusInd Bank as banking partners.
The app will offer up to 5% "real cashback" on transactions instead of "useless rewards", according to its description.
"With an uncluttered UX and focus on great rewards for every transaction, super.money intends to change the way people engage with and consume financial services. The super.money team will continue to assess customer feedback in the coming weeks and improve the product further," the company said in a statement.
Prakash Sikaria, Founder & CEO, super.money, said, “We appreciate the enthusiasm and interest in super.money. The landscape of digital payments and financial services is evolving rapidly, presenting incredible opportunities for innovation.
"super.money aims to democratise access to financial services by leveraging UPI infrastructure, which is aligned to the Government's larger vision of financial inclusion. We have been working on several exciting products that we will launch soon," he added.
In July last year, Flipkart announced a partnership with Axis Bank to provide its customers access to loans up to up to Rs 5 lakh. The company also has a lending programme for merchants.
Walmart-owned ecommerce digital payments unicorn PhonePe announced full ownership separation from Flipkart in December 2022.
PhonePe is the largest UPI app in India, processing nearly half of all transactions on the network.
(The copy has been updated to add comments by super.money.)
Edited by Jyoti Narayan