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True super apps like WeChat, Kakao, and PayTM go beyond financial management, they offer different services in different industries, and generally do not result in an “anchor” of a single product or service in banks. Although non-banking apps or ecosystems, particularly Apple, seem stronger than ever to bring a super app to the West, there are many reasons that prevent fintech from becoming a super app.
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Many fintech companies in Europe and Western countries claim to be “super apps” by adding additional financial or financial management features to their platforms or apps.
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One of the closest fintech super apps in Europe is Revolut, which offers Stays, a partnership between VRBO and Experian, which allows Revolut customers to book travel directly from the app. Last year, announced the launch of “Conversations.” However, the “chat” feature seems to be only linked to transferring money to a person. It begs the question: Is this a messaging app or an advanced two-way referral feature used when sending money to other people?
When you look at the best super apps, the repair or favor service behind the best super app almost always starts in the non-financial services space; WeChat Pay and Kakao Pay are exceptions. Alipay and PayTM started as digital wallets for online payments and top-ups on mobile phone balances; Grab, UberUBER and Gojek started as ride-hailing applications. The move to enter the financial services space came after their core offering was to find a product market fit for their industry.
Another critical part of the super app is the user experience, which obviously allows users to access different services and functions without switching between multiple applications.
History has shown that providing an integrated and unified user experience across third-party products in a fintech app creates a financial services market rather than a super app. In some cases, this approach fails.
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For example, in the early stages of its product offering, N26 partnered with other fintechs to offer comprehensive financial management solutions, such as TransferWise (now Wise) for international payments, Clark for insurance, and AuxMoney for loans. However, the problem here is that existing Clark users must open new accounts under “N26 Insurance” and Wise users cannot use their existing credentials in the N26 application. Building a marketplace where users still have to manage multiple applications is just white labeling.
As the fintech revolution continues, companies need to be honest with themselves and their customers about the capabilities and scope of their platforms. While there is no shame in building a banking service as a platform or focusing on building a financial services marketplace, it is important to avoid prematurely labeling these offerings as super apps.
As part of the new partnership, all Amazon Pay sellers in the US can now choose to offer their customers a “buy now, pay later” option using Affirm’s technology . Merchants who offer Amazon Pay do not need to include Affirm as a stand-alone installation option. Instead, they can add it to their existing Amazon Pay buttons.
Affirm first announced its first partnership with Amazon in August 2021, and it will be exclusive until January 2023. This partnership launched in the United States before launching in Canada on Amazon .ca and the Amazon mobile app in September.
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Now, through what Affirm describes as Adaptive Payments technology, the company says it’s offering consumers personalized payment options like weekly and monthly for purchases over $50, starting at 0 in -a hundred per year. Amazon Pay customers who choose Affirm as their payment option must first be approved, a process that Affirm says will not affect their credit scores.
The fintech company has always claimed that consumers using its technology “will not pay more than they bargained for” because Affirm has no delays or hidden fees.
For consumers, this is another way to spread the payments for purchases. Basically, Amazon Pay makes it easy for people to order online without having to enter their name, address and payment information because it allows them to connect their account with one click. For retailers, this convenience is already leading to increased sales, and more payment options will likely only increase sales. In addition, Affirm claims that retailers that offer Amazon Pay with Affirm can now benefit from a new customer network, as 16 million customers are “actively using Affirm.”
For Afferma, the agreement represents an expansion of the existing relationship of the two companies. Currently, Affirm is used by “millions” of customers in the United States and Canada on Amazon .com and the Amazon app.
Supporting Innovative Fintechs
Open Finance can promote Open Banking standards and practices to stimulate innovation and competition among small businesses and encourage participation and data sharing.
Small businesses will look to policymakers and regulators to develop data sharing solutions tailored for small businesses with the convenience of common APIs and support from third-party providers .
A number of issues need to be addressed to unlock the opportunities that Open Finance can offer:
The potential of Open Banking to support small businesses has yet to be fully realized and should continue to be a key focus.
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Access to finance: There is currently a serious lack of finance for small businesses. Open Finance will benefit these businesses as they are more likely to get the loans they can afford and benefit from a more efficient application process. It will also help lenders create customized products and make faster decisions with an improved credit check process.
Cash flow management: Small businesses find it difficult to predict their cash flow, and cash flow-based financing is on the rise. Open Finance can make cash flow-based billing and forecasting more accurate and personalized.
We may think that payment companies get their income from transactions, but we can see that companies get income from different sources.
Apple Cash will allow users to send recurring payments on a weekly, bi-weekly and monthly basis, making it easier for users to pay for common common expenses.
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Why it might work: Apple Pay’s steady stream of feature improvements sets it up for even more success. Apple Cash brought peer-to-peer functionality to Wallet, and the latest feature will give users more options for sending money. This will help growth: Insider Intelligence expects 45.8% of iOS users to transact with Apple Pay by 2023, based on our estimates.
Apple Pay can attract new users through its expanding ecosystem of financial services that includes the Apple Card, Apple Pay Later and a high-yield savings account. These products also connect customers closer to the company, which can increase spending and revenue from services.
Apple’s fiercely loyal customer base includes a large number of younger consumers, who will help drive Apple Pay’s long-term growth as the purchasing power of Gen Z grows the brand Big Tech can use the new feature to appeal to families and young consumers by automating such transactions as allowance payments.
Regulatory pressure. The Consumer Financial Protection Bureau (CFPB) is investigating whether Apple’s size limits competition in the market after it launched a BNPL product. The Bureau has broader concerns about Big Tech’s relationship with payments data. The CFPB is also investigating Goldman Sachs’ credit card business, which includes the Apple Card.
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Customer service afloat. Some users have reported issues with Apple savings accounts, including technical problems and the inability to withdraw money from their accounts. Such issues could erode customer confidence and create resistance to Apple’s efforts in financial services.
The strength of super apps in Asia lies in their deep integration into the daily life of users by providing useful services that can be used several times a day. For example, on a typical day, a super app user might transfer money to a friend, go to a restaurant for lunch, order food for delivery for dinner, and check his investment portfolio before going to bed. All this can be done at the same time. application. Users in Asia use the services offered by the super apps in many industries throughout the day. That’s why 25% of WeChat users in China spend more than four hours on the app every day, and why users visit KakaoTalk in South Korea an average of 72 times a day.
Most super apps in Asia offer a built-in mobile payment function that allows customers to complete a transaction without leaving the app. This feature provides several benefits: seamless customer experience, customer loyalty, increased monetization of services (e.g. in-app purchases), and valuable insights into consumer behavior that can be used to improve the value proposition of the super app.
What really makes Asian super apps unique is the integration of millions of lightweight mini-programs developed by third-party companies, such as a weather widget or a GPS-assisted navigation app. These miniature “apps within apps” can be used directly in a superapp, with no additional downloads or installations required. By allowing third-party companies to develop their own mini-apps and integrate them into a super-app interface, super apps can offer more services without necessarily building their own business vertically while increasing user involvement. Third party development is also beneficial for developers as they get instant access to millions of users through the super app platform.
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Small apps are mainly available
