Flipkart's Super.money Stalls on UPI, Bets on RuPay Credit Card Push
Overview
Flipkart's super.money app has hit a UPI market share plateau at 1.3%. The company is now shifting focus to RuPay credit card UPI transactions, offering cashback rewards to drive revenue. This strategy change comes as market leaders PhonePe and Google Pay maintain dominance, while BHIM and Navi gain share.
Stagnant Growth on UPI
Flipkart Group's digital payments app, super.money, has encountered a significant growth plateau in the Unified Payments Interface (UPI) market. For five consecutive months, from July to December 2025, its UPI transaction-volume market share remained static at 1.3%. Data from the National Payments Corporation of India (NPCI), which operates UPI, confirms this stagnation. The app's transaction-value market share also saw only a marginal increase during the same period, rising from 0.35% in July to 0.4% in December.
Strategic Pivot to RuPay Credit Cards
Recognizing the revenue limitations of standard UPI transactions, which lack a Merchant Discount Rate (MDR), super.money is now actively shifting its focus. The company is prioritizing transactions made through RuPay credit cards linked via UPI. This strategic pivot aims to tap into the revenue generated by MDRs. Previously, the app launched a co-branded Axis Bank RuPay credit card offering 3% cashback on scan-and-pay transactions. It has also expanded into the travel sector, providing incentives for flight bookings.
Market Dynamics and Future Ambitions
While super.money struggles to gain UPI traction, competitors are showing movement. BHIM's market share increased to 0.7% from 0.4%, and Navi saw its share grow to 3.1% from 2.2%. The dominant players, PhonePe and Google Pay, continue to command substantial market share at 45% and 34% respectively. Flipkart is aiming to build a substantial user base of 50 million, with a goal of engaging 30-40 million users deeply for cross-selling financial products. The company is also exploring an entry into the broking business, seeking to create an integrated platform.
