Aiming beyond free payments, this partnership introduces a 3-in-1 financial product combining savings, credit, and commerce—targeting India’s top-tier digital users.
Rethinking Free UPI: Monetizing the Ubiquitous Payment System
India’s Unified Payments Interface (UPI) has revolutionized digital payments with its zero-fee model, but monetizing it has remained elusive. Enter Super.money, backed by Flipkart, which is taking a fresh approach: use UPI as a gateway into a broader, revenue-generating financial ecosystem.
By teaming up with Kotak811, the digital arm of Kotak Mahindra Bank, Super.money is building infrastructure that merges payments, credit, and commerce into one cohesive offering.
The 3-in-1 Super Account: Savings, UPI, and Secured Credit
At the heart of this innovation lies the “3-in-1 Super Account”. It offers:
- A savings account
- UPI payments
- A secured credit card backed by a fixed deposit (minimum ₹1,000)
This model gives first-time borrowers an opportunity to build credit without income proof, while still earning interest on deposits and cashback on transactions.
The UPI-on-credit feature allows users to tap into a credit line linked to their deposit, creating a novel blend of flexibility and security.
Monetization Engine: Financial Products + Commerce
Super.money’s business model rests on two core monetization strategies:
- Financial Services – Loans, secured cards, deposits
- Commerce – A Klarna-style “pay-in-three” model to enable buy now, pay later (BNPL) within its own platform
The secured card earns merchant discount revenue, which funds customer cashbacks. It also generates acquisition fees from partner banks, allowing Super.money to scale without charging the end-user.
Strategic Bank Partnerships Powering Growth
The Kotak811 collaboration gives Super.money access to India’s mainstream banking rails. This follows an earlier deal with Utkarsh Small Finance Bank to offer secured cards.
Super.money now plans to issue 200,000 secured cards per month under the Kotak partnership before expanding to other banks.
Targeting India’s Top 30 Million Digital Users
Unlike mass-market apps like Google Pay or PhonePe, Super.money is focused on India’s top 10 to 30 million users—those more likely to engage with high-value financial products.
“Our aim isn’t to serve everyone,” said CEO Sikaria, “but to deeply serve those who are more financially active.”
One-Click Checkout and D2C Focus
To enhance its commerce engine, Super.money has also partnered with Juspay (a SoftBank-backed player) to launch one-click checkout for direct-to-consumer (D2C) merchants.
Already integrated with 1,000+ merchants, this initiative is set to expand further within the Flipkart ecosystem, creating seamless commerce experiences and deeper customer engagement.
Capital Strategy and Future Outlook
Flipkart has already invested $50 million into Super.money, with plans to raise more capital as the platform scales. While specifics weren’t disclosed, Sikaria confirmed strong inbound interest from external investors.
The fintech is keeping its cash burn low while focusing on profitable growth—balancing user acquisition with sustainable monetization.
Conclusion: Building a Profitable, Credit-Led UPI Ecosystem
Super.money is betting on a differentiated strategy: using UPI not just for payments, but as a funnel into secured credit and digital commerce. With strategic partnerships, targeted user focus, and strong banking infrastructure, the fintech is poised to challenge traditional players—not by outscaling them, but by out-serving high-value users.
