Axis Bank partners with super.money to launch no-fee RuPay credit card that offers 3% UPI cashback

In a bid to reshape how Indian consumers engage with UPI transactions, fintech platform super.money and Axis Bank have rolled out the Axis Bank Supermoney RuPay Credit Card, a lifetime-free offering that gives 3% cashback on QR-based UPI payments.

The companies said they are targeting the millions of digital-first users whose everyday purchases—from groceries to tea stalls—typically go unrewarded.

The new RuPay-powered card functions across both physical POS and UPI-based Scan & Pay transactions, with rewards capped at Rs 500 per monthly billing cycle. While the cashback is applicable only on transactions routed through the super.money app, the product is being pitched as an accessible and cost-effective alternative for seasoned credit card users.

Targeting everyday spending

Unlike conventional co-branded cards tied to large-format retailers, super.money is taking a long-tail approach.

“We asked: why can’t a co-brand card stand for millions of smaller merchants?” said Prakash Sikaria, founder and CEO of super.money. Sikaria sees the card not as a solution for the unbanked but as a “second card” for existing credit-worthy consumers, particularly those with established credit histories who are already familiar with UPI.

“Our goal is to shift everyday low-value, high-frequency transactions—like buying tea or snacks—into the formal credit ecosystem,” he said.

The move comes amid rising consumer adoption of credit-on-UPI, with recent NPCI initiatives enabling credit cards to be used via UPI networks. While banks have launched their own RuPay credit card-UPI integrations, most reward schemes either come with tiered structures or fees.

In contrast, Axis Bank and super.money’s offering delivers a flat 3% cashback on eligible QR transactions with no annual fee, positioning it squarely for value-conscious users.

Reward mechanics and limitations

The maximum cashback of Rs 500 per billing cycle implies that spending beyond Rs 16,667 through eligible UPI QR transactions won’t earn additional rewards. Other categories of spend—including fuel, insurance, rent, wallet loads, and government payments—are excluded from cashback accrual, aligning with most industry-standard exclusions.

A 1% cashback is offered on all other qualifying transactions done using the card, including those outside the super.money platform.

Cashback is credited three days before the statement generation date of the next billing cycle and is subject to reversal if transactions are returned, reversed, or later converted to EMIs. While the card does not offer reward points, it does provide additional perks such as fuel surcharge waiver and exclusive merchant offers with platforms like Ola, Myntra, and MakeMyTrip.

Flat cashback vs. tiered rewards

While Axis Bank and super.money promise simplicity and no joining or renewal charges, rival cards like Yes Bank’s Klick RuPay Credit Card, issued in partnership with Kiwi App, offer up to 5% cashback on UPI transactions.

However, the Yes Bank card comes with an annual Kiwi Neon membership fee of Rs 999, and the higher reward rates are accessible only after meeting milestone-based spending thresholds starting at Rs 50,000.

In contrast, the Axis-Supermoney card offers a guaranteed 3% on all eligible UPI spends through the app, with no milestones or fees, making it more predictable and cost-effective for low-to-moderate spenders.

A play on profitability and distribution

Sikaria emphasised that super.money is not burning cash on user acquisition for the card. “We already have the traffic. The revenue goes straight to our bottom line,” he said, noting that the fintech is acting primarily as a distribution agent, while Axis Bank issues the card.

With the fintech not seeking to raise new capital in the immediate term, Sikaria said, “This year is about making the P&L work. Next year, we’ll look at turbocharging growth.”