E-commerce giant Flipkart-backed fintech platform super.money is seeking to expand its revenue pool by adding a commerce-linked credit product to its Unified Payments Interface (UPI)-based financial services app.
The product, called splitStore, lets customers make a down payment and pay for purchases in three instalments, while the platform earns commissions from merchants. Currently in beta on Flipkart, it will soon go live on the app.
It can contribute up to 20% to the platform’s revenue by December, chief executive Prakash Sikaria said in an interview. Credit products, including personal loans and credit cards, currently account for 80-90% of super.money’s revenue, Sikaria said. That share will fall to around 60% by December, while payments and commerce will each account for 20% of revenue, he added.
Sikaria said splitStore is a closed-loop, small-ticket credit product designed primarily for new-to-credit users. Customers begin with a limit of ₹1,000-2,000, make a down payment and repay the balance in instalments.
“Once the customer proves that they will not default and will repay, they not only receive a higher limit on the platform, but also become eligible for open-loop products such as personal loans and credit cards,” Sikaria said.
The company believes its pay-in-three model reduces transaction risk because the credit can be used only to purchase products from its catalogue. The limit is tied to a specific purchase rather than available for unrestricted spending, as with an open-loop credit card or credit line.
Pay in three, not later
This differentiates splitStore from some buy-now-pay-later (BNPL) and zero-cost EMI products, in which customers may receive a pre-approved credit limit that can be used for a wider range of purchases.
Products offered by Amazon through Axio, Flipkart’s existing EMI products and Snapmint’s credit offering are examples of purchase-financing products. These products allow customers to spread payments, but their credit structures, limits and pricing differ from splitStore.
Super.money is positioning splitStore as an offering similar to Klarna’s pay-in-four model in the US, where customers repay purchases through four interest-free instalments, typically spread over weeks or months. However, the model carries risks similar to those associated with other forms of consumer credit.
The most prominent concern is that splitting payments can make expensive products appear more affordable, encouraging consumers to spend beyond their means and potentially affecting their ability to repay.
Klarna, the Swedish BNPL company, expanded its pay-later model into the US in 2015 and now offers shopping apps and physical cards. It had about 118 million active users globally and said that gross merchandise volume in consumer lending rose 165% year-on-year to $4.5 billion in the quarter ended December 2025, according to its latest earnings report.
But as lending grows, so do credit-loss provisions. The company's credit-loss provisions rose 59% on-year in the fourth quarter, a trend that has weighed on investor sentiment and hurt the stock.
However, Sikaria said the product has guardrails to limit overspending, even as it targets young consumers who are underserved because many are new to credit and lack established credit profiles.
Risk guardrails
He said splitStore’s closed-loop structure reduces transaction risk compared with open-loop products such as credit cards, credit lines and UPI-linked credit. “When you make it a closed-loop system, where the user can buy only from my catalogue, the product, the catalogue and the limit together reduce the risk significantly,” Sikaria said.
What Sikaria described as a closed-loop product means that users cannot spend the available credit limit without restrictions. Unlike open-loop credit products, such as credit cards and some BNPL products, which can be used across merchants and categories, splitStore credit is tied to purchases from a defined catalogue.
Users will initially receive a credit limit of ₹2,000-3,000, with average ticket sizes expected to remain low. The product will focus on smaller purchases such as shoes, apparel, consumer goods and electronics. It also requires users to make a down payment before the remaining amount is repaid in instalments.
The Reserve Bank of India has been cautious about BNPL products and embedded credit at checkout. Between 2022 and 2025, the regulator issued rules and advisories requiring digital lending platforms to work with regulated banks or non-banking financial companies (NBFCs), disclose fees and annualized interest rates upfront, restrict the loading of credit lines onto prepaid digital wallets, and ensure that digital credit flows directly between the borrower and the regulated entity's bank account.
splitStore is also backed by partnerships with NBFCs, Sikaria said.
Beyond super.money’s own app, the product is also expected to become a checkout-financing option on other e-commerce and direct-to-consumer platforms. “We also have deep partnerships with payment gateways and direct-to-consumer brands because of the Flipkart partnership. We will use both direct and partnership channels to grow the business,” Sikaria said.