Fintech Leap: super.money Partners With Top Banks For RuPay UPI Credit Cards – Access For Millions Unlocked!

super.money, a fintech platform backed by Flipkart Group, has significantly expanded its secured credit card segment by forging new partnerships with major financial institutions: Axis Bank, Utkarsh Small Finance Bank, and Kotak811. The company is collaborating with these banks to issue RuPay-powered secured credit cards that integrate seamlessly with the Unified Payments Interface (UPI).

This strategic expansion is aimed at increasing access to credit, particularly for underserved customer segments, thereby fostering financial inclusion. The move comes as UPI's role in credit card transactions continues to grow, now accounting for approximately 40% of all credit card spends, according to industry estimates. super.money has already demonstrated success in this space, having issued around 4.7 lakh secured credit cards through its partner banks over the past 14 months. The platform also boasts impressive transaction volumes, facilitating the linking of over 1.8 million RuPay credit cards to UPI and processing more than 8 million monthly transactions on such cards, with half of the transaction value occurring via UPI.

A notable recent development includes the introduction of a RuPay secured card in collaboration with Kotak811, which uniquely combines savings, spending, and borrowing functionalities within a single account. Prakash Sikaria, Founder and CEO of super.money, emphasized that these initiatives are crucial for democratizing credit access. The company operates with robust security certifications, including ISO 27001 and PCI DSS.

Impact: This news indicates a positive trend for the fintech sector and the banks involved, suggesting growth in digital credit products and UPI integration. It could lead to increased transaction volumes and customer acquisition for the partner banks and super.money, potentially boosting their respective financial performance. The expansion of credit access can also stimulate consumer spending. Rating: 7/10

Terms: * Fintech: Financial Technology. Refers to companies that use technology to offer financial services and products in innovative ways. * Secured Credit Card: A credit card backed by a cash deposit or other collateral. They are typically easier to obtain for individuals with limited or no credit history. * Unified Payments Interface (UPI): An instant real-time payment system developed by the National Payments Corporation of India (NPCI). It allows users to transfer funds between bank accounts instantly. * RuPay: A card network, similar to Visa or Mastercard, developed by the National Payments Corporation of India (NPCI). * Financial Inclusion: Ensuring that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit, and insurance – delivered in a responsible and sustainable way. * ISO 27001: An international standard for information security management systems. * PCI DSS: Payment Card Industry Data Security Standard. A set of security standards designed to protect cardholder data.