Super.money Surpasses Amazon Pay in UPI Transactions, Emerges as 7th Largest Player
In a remarkable shift within the UPI (Unified Payments Interface) ecosystem, Flipkart-backed super.money has surpassed Amazon Pay in terms of transaction volume. This achievement comes only five months after its launch, marking a significant milestone for the fintech startup in India’s rapidly growing digital payments sector. According to the latest monthly data released by the National Payments Corporation of India (NPCI) for November, super.money has firmly secured its place among the top players in the UPI landscape, taking the seventh spot.
Super.money’s Surge in UPI Transactions
In November, super.money facilitated a staggering 78.49 million UPI transactions worth INR 3,130.10 crore, reflecting an impressive surge in its growth trajectory. This growth is especially notable as super.money managed to surpass major players like Amazon Pay, WhatsApp, FamApp, Groww, MobiKwik, BHIM, and Jupiter Money in terms of UPI transaction volume. The fintech app’s rise is a testament to the increasing adoption of UPI as a preferred method of payment in India, with users opting for newer, more feature-rich platforms for their digital transactions.
In comparison, super.money was placed 12th on the UPI leaderboard in October, processing only 49.68 million transactions worth INR 2,167.86 crore. This significant leap from the 12th to the 7th position within just one month indicates that the app has successfully tapped into a growing user base and enhanced its product offerings to attract more UPI users. This rapid growth signals super.money’s potential to continue challenging established players in the competitive UPI space.
Competition in the UPI Space
Despite the rise of super.money, the UPI ecosystem continues to be dominated by familiar names at the top. PhonePe, the market leader, retained its position as the top UPI player in November, processing an eye-watering 7.4 billion transactions. However, PhonePe experienced a slight decline of over 6% in its transaction volume compared to the previous month. Despite this drop, PhonePe’s lead remains unchallenged, largely due to its extensive user base, wide range of services, and deep integration within the Indian digital payments ecosystem.
Google Pay, another major player in the UPI sector, continues to hold the second spot, followed by Paytm in third. Both platforms have established themselves as dominant players in the UPI space, processing billions of transactions each month. The rise of super.money is particularly significant as it demonstrates that newer fintech players are making inroads into the highly competitive market, offering innovative features and user-centric services that appeal to a tech-savvy demographic.
The Role of Flipkart and Strategic Growth
The backing of Flipkart, one of India’s largest e-commerce giants, has played a crucial role in super.money’s rapid rise. Flipkart’s extensive customer base and its deep understanding of Indian consumers’ digital behavior have likely helped super.money in accelerating its growth. With Flipkart’s support, super.money has been able to tap into a vast network of users and gain access to advanced technological infrastructure, allowing it to enhance its offerings and scale up operations quickly.
Additionally, super.money’s success in surpassing established players like Amazon Pay and WhatsApp highlights its ability to meet the evolving demands of the Indian market. The fintech app has positioned itself as a versatile platform, combining features like cashback, rewards, and a seamless user experience, which have resonated well with UPI users.
Looking Ahead
The UPI ecosystem in India is experiencing tremendous growth, driven by increased smartphone penetration, digital literacy, and the government’s push for a cashless economy. As competition heats up among players, super.money’s rise is a reminder of the shifting dynamics in the fintech landscape. With its continued growth, strategic backing, and user-focused innovations, super.money is well-positioned to challenge even more dominant players in the UPI space in the coming months.
As digital payments continue to evolve, super.money’s success story could serve as an inspiration for other fintech startups aiming to make their mark in India’s highly competitive digital payment ecosystem.
