super.money Aims to Break into UPI Top Five with 100 Million Transaction Target by Year-End

Flipkart-backed fintech company super.money has set an ambitious goal to rank among the top five players on the Unified Payments Interface (UPI) leaderboard by year-end, according to a senior executive. Since launching its beta version in June, the company has successfully processed approximately 10 million transactions.

Prakash Sikaria, founder and CEO of super.money, stated, “We aim to reach 100 million transactions by the end of the year. Currently, we have around one million users, generating half a million transactions daily. Our goal is to expand our user base to over three million by December and secure a top-five position.”

Sikaria’s optimism is bolstered by the rapid growth observed in the beta phase. He noted, “We’ve reached a million users without any marketing efforts, which highlights the potential for user engagement. Our strategy includes offering credit products to every user we onboard.”

As per the National Payments Corporation of India (NPCI), Axis Bank, the fifth-largest player in UPI, processed approximately 108.57 million transactions in July. Sikaria predicts that four to five competitors, excluding the top three, will collectively handle around 1,000 million transactions by the end of the calendar year.

He pointed out that previous challenges faced by players like Amazon Pay and WhatsApp in scaling operations would change significantly in the coming months.

super.money’s current offerings include a RuPay card linked to UPI, with plans to introduce additional financial products, such as fixed deposits, unsecured credit lines, credit cards, and small personal loans within the next three months. Sikaria emphasized the company’s focus on credit services, encouraging users to adopt at least one credit product.

Despite Flipkart holding a majority stake in super.money, Sikaria assured that there is no operational conflict. He stated, “While Flipkart has its own UPI, their primary goal may not be to develop a fintech app, allowing us to operate independently.”