Flipkart-backed fintech firm super.money has set an ambitious target to be among the top five players on the Unified Payments Interface (UPI) leaderboard by the end of the year, a senior company executive said.
The company, which rolled out its beta version in June, has processed about 10 million transactions to date.
“We have a target of 100 million transactions by the end of the year. We already have about a million users doing about half a million transactions today. The idea is how we scale to over three million by December. We want to be in the top five by the end of the year,” said Prakash Sikaria, founder and chief executive officer (CEO) of super.money.
Sikaria’s confidence in reaching 100 million transactions comes from the fact that, despite being in the beta phase, they have one million users. “Going forward, it is about how the experience would be for users apart from cashbacks. Without any marketing activity, we have a million users. For us, the idea is to sell credit products to each user that we onboard,” he added.
The fifth-largest player, Axis Bank, on the country’s real-time payments system UPI, processed about 108.57 million transactions in July, according to data from the National Payments Corporation of India (NPCI).
Sikaria believes that about four to five players, excluding the top three, would process about 1,000 million transactions by the end of the ongoing calendar year.
“This would be the first time this will happen. Last year, the narrative was that Amazon Pay and WhatsApp were unable to scale, and hence nobody could scale. I believe this will change dramatically in the next six months to one year,” he added.
super.money’s initial offering includes a RuPay card linked to UPI. The company plans to launch other financial products such as fixed deposits (FDs), an unsecured credit line, credit cards, and small-ticket personal loans in the next three months.
“We are primarily a credit company, and we want users to take at least one credit product. They can take a secured or unsecured card, a credit line, or a personal loan,” he said.
He elucidated that the firm’s success criteria hinge on the percentage of its UPI users converting into accessing its credit products.
E-commerce giant Flipkart has a majority stake in the fintech firm. While the e-commerce company has its own UPI named Flipkart UPI, processing about 7.12 million transactions per month, Sikaria believes the stake wouldn’t create any conflict in terms of operations.
“There is no conflict despite their investment in the company. Everybody is doing UPI, but their core objective may not be to build a fintech app,” he said.
First Published: Aug 22 2024 | 4:44 PM IST