Fintech juggernaut super.money backed by Flipkart zoomed past Amazon in number of UPI transactions setting an impressive feat.
This achievement now places it seventh in the list of top largest players in the UPI ecosystem according to government figures.
super.money does amazing numbers in the UPI game
super.money facilitated 78.49 million transactions worth INR 3,130.10 Cr in the last month alone, signalling a new entrant in the fiercely competitive UPI market. Additionally, it towered above the figures of UPI players like WhatsApp and FamApp, and extended its lead over Groww, MobiKwik, BHIM and Jupiter Money. However, the top three players in the ecosystem seem firmly entrenched in their respective positions.
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Despite a drop in monthly numbers, PhonePay retains its top spot as India’s most used UPI platform. Similarly, the number 2 & 3 performers also saw a decline in numbers, with Google Pay reporting 5.7 Bn UPI transactions in November, while 1.1 Bn transactions were facilitated by Paytm in the same timeframe.
This drop in numbers plagues the overall UPI market, with transactions dipping 6.6% month-on-month to 15.48 Bn in November and the value of transactions plummeting 8.3% to INR 21.55 Lakh Cr.
Ambitious targets & a feature rich platform
The birth of the Flipkart backed platform was accompanied by an ambitious target of facilitating 100 million monthly transactions by December 2024, & the CEO Prakash Sikaria believes it would comfortably reach the same.
Launched in August, it began with small numbers to eventually make it into the top 10 players of the market.
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Besides UPI, the platform also includes a whole host of additional features like a Fixed Deposit offering, with a super low booking amount of INR 1000 & interest rate as high as 9.5%. Moreover, it launched an affordable credit card offer with attractive price options
