Flipkart’s fintech venture, Super.Money, has introduced a new co-branded credit card named SuperCard, in partnership with Utkarsh Small Finance Bank. This card allows users to make payments through regular channels as well as UPI, using Super.Money’s ‘Scan & Pay’ feature. The move comes as UPI continues to gain traction among credit card users in India, with a growing number of cards being issued on the RuPay network.
How does it work?
The SuperCard stands out for its flexible credit limit, starting as low as Rs 90. Users can set their credit limit by making a deposit ranging from Rs 100 to Rs 10 lakh. This approach caters to a broad spectrum of customers, allowing more people to access credit through UPI. “Additionally, the deposit earns interest, offering users the dual advantage of building credit while earning returns,” Super.Money said in a press release.
“While credit on UPI has been addressed, there is still the challenge of bringing more people into the mainstream credit system, especially those with limited data for underwriting. This universal credit card offers millions of Indians a way to formalise their credit journeys,” said Prakash Sikaria, Founder and CEO of Super.Money.
Rewards programme
SuperCard holders are automatically enrolled in a rewards programme that includes:
Lifetime access to SuperUPI
5% discount on Myntra purchases
3% discount on Cleartrip
2% discount on Flipkart
0.5% cashback on eligible transactions
These rewards are credited automatically, making it easy for users to benefit from their purchases.
The introduction of the SuperCard follows the public launch of Super.Money’s credit-first UPI application, which underwent a beta testing phase. During this phase, over 10 million transactions were processed, reflecting a strong response to the ‘credit on UPI’ concept.
New rewards programmes
Super.Money is also introducing new rewards programmes, such as Super Name Drop, Raffle, and Meme Money. These programmes aim to make transactions more engaging, offering users instant cashback and prizes.
It aims to become a key player in India’s UPI market, which is currently dominated by PhonePe and GooglePay. Notably, to address the high concentration of UPI transactions among a few apps, National Payments Corporation of India (NPCI) has been encouraging new third-party payment apps to invest and offer incentives to consumers over the past few months.
First Published: Aug 29 2024 | 12:05 PM IST
