super.money pilots splitStore pay-in-three credit on Flipkart
Flipkart-backed super.money is testing splitStore, a closed-loop checkout-credit product offering a down payment plus three instalments. The beta targets new-to-credit shoppers buying low-ticket goods, with an app launch and expansion to other e-commerce and D2C platforms planned.
What happened
Flipkart-backed super.money will expand its UPI app with splitStore, a closed-loop pay-in-three checkout-credit product. Initially in Flipkart beta, it targets
Key facts
- splitStore allows a down payment plus three instalments
- Potential contribution of up to 20% of super.money revenue by December
- Credit products currently contribute 80-90% of revenue, projected to decline to about 60% by December
- Payments and commerce each projected to contribute 20% of revenue by December
- Initial customer limits of ₹1,000-2,000; later stated as ₹2,000-3,000
- Klarna had about 118 million active users globally
- Klarna consumer-lending GMV rose 165% year-on-year to $4.5 billion in quarter ended December 2025
- Klarna credit-loss provisions rose 59% year-on-year in Q4
- RBI BNPL and digital-lending rules/advisories issued between 2022 and 2025
Why this matters
E-commerce platforms, D2C brands and lenders should view splitStore as a potential partnership channel for closed-loop credit, particularly where low-ticket conversion is constrained by affordability.
What to watch
- Beta-to-general-availability timing and the number of Flipkart categories, sellers and pin codes covered.
- Whether splitStore is structured as an NBFC/bank loan, merchant-funded BNPL, credit line or another regulated lending arrangement.
- Approval rates, average ticket size, down-payment percentage, repayment completion, first-payment default and return/refund rates.
- Evidence that the product raises conversion, average order value, repeat purchase rates or customer acquisition efficiency versus UPI-only checkout.
- Launch of bureau reporting, UPI Autopay mandates, dynamic credit limits or pre-approved offers based on transaction history.
- Expansion to non-Flipkart D2C and marketplace partners, indicating super.money can become a horizontal embedded-finance platform.
- RBI guidance or enforcement affecting digital lending, first-loss arrangements, credit underwriting, data use or BNPL disclosures.
- Merchant fee structure and whether sellers absorb financing costs in exchange for measurable sales uplift.
- Expand splitStore from select Flipkart categories into fashion, beauty, electronics accessories and repeat-purchase essentials where low-ticket instalments can drive frequency.
- Use Flipkart transaction, returns and UPI behavior to build underwriting tiers, starting with conservative limits and graduating reliable borrowers to larger credit lines.
- Fund adoption through merchant commissions, checkout discounts and Supercoins-style rewards rather than relying solely on borrower interest income.
- Integrate repayment reminders and autopay through UPI to reduce missed instalments and establish a repayment-data asset.
- Test distribution with Myntra, Cleartrip, PhonePe-adjacent merchants, D2C brands and external e-commerce platforms to reduce dependence on Flipkart traffic.
- Partner with regulated lenders or NBFCs and emphasize transparent pricing, bureau reporting and collections safeguards before scaling.