Axis Bank and fintech platform super.money have launched the Axis Bank Supermoney RuPay Credit Card, a lifetime-free offering that provides 3% cashback on QR-based UPI payments. The card is designed to target digital-first users who make everyday purchases, such as groceries and tea, and are not typically rewarded for these transactions. The card functions across both physical POS and UPI-based Scan & Pay transactions, with rewards capped at Rs 500 per monthly billing cycle.
The card is being positioned as an accessible and cost-effective alternative for seasoned credit card users, with a flat 3% cashback on eligible QR transactions and no annual fee. This is in contrast to other credit cards that offer tiered structures or fees. The card is also being pitched as a “second card” for existing credit-worthy consumers who are already familiar with UPI.
The move comes amid rising consumer adoption of credit-on-UPI, with recent NPCI initiatives enabling credit cards to be used via UPI networks. The card’s reward mechanics include a maximum cashback of Rs 500 per billing cycle, with spending beyond Rs 16,667 through eligible UPI QR transactions not earning additional rewards. The card also offers a 1% cashback on all other qualifying transactions done using the card, including those outside the super.money platform.
The Axis-Supermoney card is positioned as a simple and cost-effective option for low-to-moderate spenders, with a guaranteed 3% cashback on all eligible UPI spends through the app, and no milestones or fees. This is in contrast to other cards that offer higher reward rates but with conditions such as annual fees or milestone-based spending thresholds.
The partnership between Axis Bank and super.money is seen as a play on profitability and distribution, with super.money acting as a distribution agent and Axis Bank issuing the card. The fintech is not seeking to raise new capital in the immediate term and is focused on making the product profitable before looking to turbocharge growth next year. Overall, the Axis Bank Supermoney RuPay Credit Card is a significant development in the Indian fintech space, offering a unique value proposition to consumers and positioning itself as a leader in the credit-on-UPI market.