Latest news with #super.money
&w=3840&q=100)
Business Standard
23-05-2025
- Business
- Business Standard
No annual fee, 3% cashback: Axis Bank-super.money RuPay credit card is here
Axis Bank — one of the country's top private sector banks — has partnered with the Flipkart Group's credit-first UPI platform, to launch a new lifetime-free co-branded RuPay credit card. This payment solution blends high rewards, UPI-enabled convenience, and zero annual fees, making it a compelling choice for users looking to maximize value on everyday spending. The Axis Bank RuPay Credit Card supports UPI, POS terminals, online purchases, and ATM withdrawals, giving users the freedom to transact anywhere — digitally or physically. Its standout feature is a 3% cashback on UPI-based 'Scan & Pay' transactions via the app, and a 1% cashback on all other eligible spending categories. Key benefits for users: 3% cashback on QR code-based credit transactions made using the app 1% cashback on all other spending (excluding standard exclusions such as fuel surcharge) Rs 500 cashback cap per billing cycle 1% fuel surcharge waiver on transactions between ₹400 and ₹4,000 (up to ₹400 per cycle) No joining or annual fees, making the card lifetime free Availble in both digital and physical formats The card runs on RuPay, India's indigenous card payment network, which has seen massive adoption thanks to its integration with UPI. What sets it apart? This is not just another cashback credit card. It taps into India's growing UPI-first ecosystem, allowing credit card holders to earn rewards not only on traditional card swipes but also on UPI QR scans — something not typically offered by other credit cards in the market. It's a win for users who prefer QR-code payments but also want to benefit from credit card perks. For example, a customer spending Rs 10,000 monthly via UPI QR scans through the app can earn Rs 300 in cashback. Over a year, that adds up to Rs 3,600 in direct savings — with no fees involved. Why it matters? As consumers increasingly adopt UPI for day-to-day payments — from groceries to local transport — the Axis Bank RuPay Credit Card bridges the gap between UPI convenience and credit card rewards. How to Get It: Interested customers can apply directly through the app, where onboarding is expected to be fully digital, hassle-free, and instant. The credit card will also be available through Axis Bank's platforms. "The card offers unparalleled benefits, including FLAT 3% cashback, making it a game-changer for users seeking maximum value from any transaction," said Prakash Sikaria, Founder & CEO of RBI data reveals at end-February 2025, the number of credit cards has more than doubled to around 10.93 crore as compared to December 2019, when there were 5.53 crore cards in circulation.
&w=3840&q=100)
Business Standard
20-05-2025
- Business
- Business Standard
Flipkart-backed super.money eyes neo-bank play in India's fintech race
Flipkart-backed fintech firm has its eyes set on executing a neo-banking strategy, building on its rapid growth on India's real-time payments system, the Unified Payments Interface (UPI). The Bengaluru-based company, which will complete a year since its operational launch in July, is targeting a place among the top five neo-banks in India, as the market expands with the growth of the digital financial services ecosystem. 'In India, because of the National Payments Corporation of India (NPCI) and UPI, there will emerge 10 to 20 neo-banks. We want to be one of the top three to five players... While everybody does mobile banking, how do you truly make it mobile-native is the opportunity,' Prakash Sikaria, chief executive officer (CEO) of told Business Standard. 'We will be doing every other financial services product that a bank does. It could be wealth, mutual funds, or insurance. The good part is we don't need to be tied to one banking service, so we try to get the best product for our customers. This is what I think of neo-banking,' he added. Sikaria noted that in its current avatar, the company would continue to follow a distribution-first approach — a strategy commonly used by fintechs in India. However, he indicated that as the firm scales, it may explore manufacturing its own financial products. 'Thus far we have not felt the need to go and create the products on our own. We prefer co-creating. But in future, as we go deeper into any of these and the need arises, we may,' he added. Cashbacks As of April, the company ranks fifth on the UPI leaderboard, processing 175.24 million transactions — one of the fastest trajectories for any third-party application to reach such volumes. Sikaria said the company's success stemmed from tapping demand for a fresh platform and its early focus on the scan-and-pay market, which refers to peer-to-merchant (P2M) transactions. The company also offers a 5 per cent cashback on every transaction — a feature that, alongside other operational levers, results in a monthly average cash burn of Rs 10 to Rs 20 per user. Currently, the platform has 10 million monthly active users, with 15 million total app downloads. 'We never gave activation cashbacks. We rather repurposed it to make it a feature of the product. It has worked in that context… I don't think we need to slow down on rewards. I think what we need to do is rev up our revenue engines to fund those rewards,' he said.
&w=3840&q=100)
Business Standard
08-05-2025
- Business
- Business Standard
Flipkart VP Ashish Vijayvergiya to launch new startup within company fold
Ashish Vijayvergiya, Flipkart's vice-president and chief of staff to CEO Kalyan Krishnamurthy, is preparing to launch a new venture under the e-commerce giant's umbrella, according to a report by Moneycontrol. The move mirrors earlier internal startup initiatives by Flipkart, such as PhonePe and The venture is still in the ideation phase, though early discussions suggest it may focus on consumer content or digital consumption, rather than its initially rumoured fantasy gaming concept. Vijayvergiya, a long-serving Flipkart executive, had reportedly been considering stepping away to pursue entrepreneurial interests. Instead, the company's leadership is said to have encouraged him to remain and build his new business within the Flipkart ecosystem. PhonePe and started within Flipkart The model is expected to be similar to that of a UPI-based fintech app which operates independently while remaining part of the Flipkart group. founded by another Flipkart veteran, is currently seeking to raise up to $100 million at a valuation of $1 billion. PhonePe followed a similar trajectory. Originally incubated within Flipkart after being founded by former employees in 2015, it was later acquired and eventually spun off in 2022. Now, PhonePe is preparing for a public listing and is valued at over $15 billion. Vijayvergiya's upcoming venture is expected to adopt a comparable path, starting under Flipkart's wing. However, key details, including the final nature of the business and its timeline, remain undecided. This development unfolds as Flipkart, under Walmart's direction, is aiming to halve its monthly cash burn to $20 million from $40 million, amid efforts to tighten operations ahead of a possible stock market debut.
