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True super apps such as WeChat, Kakao and PayTM go beyond financial management, provide a variety of services in various industries, and do not typically lead to a banking product or service. Many reasons prevent fintech from becoming a super app, while non-banking apps or ecosystems, especially Apple, look stronger than ever to bring the super app to the West.
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In Europe and Western countries, many fintech companies claim to be “super apps” by adding additional financial or financial management functions 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 with VRBO and Experian that allows Revolut customers to book travel directly in the app. Last year, it announced the launch of ‘Chattar’. But the “chat” feature seems to only be about transferring money to a contact. This begs the question – is this a messaging app or just an advanced two-way routing feature when sending money to someone else?
Looking at the leading super apps, the anchor service or the service behind the leading super app almost always started in the non-financial industry, the exceptions being WeChat Pay and Kakao Pay. Alipay and PayTM started as digital wallets for making online payments and topping up mobile phone balances, while Grab, UberUBER and Gojek started as ride-hailing apps. The ambition to enter the financial sector came about after their anchor offering found a product market fit for their respective industries.
Another critical component of a super app is the user experience, which allows users to access different services and features without switching between multiple apps.
History has shown that providing an integrated and unified user experience with a third-party product in a fintech app creates a financial services marketplace rather than a super app. In some cases, this strategy has failed.
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For example, at the beginning of N26’s product offering, it partnered with other fintechs to provide a complete financial management solution, namely TransferWise (now Wise) for international payments, Clark Insurance and AuxMoney for loans. But the problem was that existing Clark users had to open new accounts under “N26 Insurance” and Wise users couldn’t use their existing credentials on the N26 app. It was just a white label to create a marketplace where users still had to manage multiple apps.
As the fintech revolution continues, companies need to be honest with themselves and their customers about the scope of their capabilities and platforms. While there’s no shame in developing a bank as a platform service or focusing on creating a marketplace for financial services, it’s important to avoid prematurely labeling these offerings as super apps.
As part of the new partnership, all Amazon Pay merchants in the US can now choose to offer their customers a “buy now, pay later” option using Affirm’s technology. Merchants offering Amazon Pay do not need to integrate Affirman as a standalone option. Instead, they can add it to their existing Amazon Pay button.
Asfirmi first announced an initial partnership with Amazon in August 2021, which was exclusive until January 2023. It started with a US launch before launching Amazon .ca and the Amazon mobile app in Canada last September.
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Now using what Affirm describes as Adaptive Checkout technology, the company says it offers consumers customized payment options, such as bi-weekly and monthly, starting at 0% APR for purchases over $50. Amazon Pay customers who choose Affirm as their payment method must first be approved in a process that Affirmas says will not affect their credit score.
The fintech company has always advertised that consumers using its technology “never pay more than they agree to” because “there are no late fees or hidden fees with Affirm.”
For consumers, this is another way to spread the payment of purchases. Amazon Pay generally makes it easier for people to order things online without entering their name, address, and payment information because it allows them to connect to their accounts with the click of a button. For retailers, this convenience would more than likely lead to increased sales, and more payment options would likely only increase sales. Affirm also claims that retailers that offer Amazon Pay with Affirm can now join the new shopping network, with 16 million shoppers “actively using Affirm.”
For Asert, the contract represents the extent of the existing relationship between the two companies. Currently, Affirm is already being used by “millions” of customers in the US and Canada on Amazon .com and the Amazon app.
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Open Finance can improve open banking standards and practices in a way that fosters innovation and competition among small businesses, and encourages participation and data sharing.
Small businesses are reaching out to policymakers and regulators to develop specific small business data solutions, delivered through standard APIs and support from third-party vendors.
There are a number of issues that need to be addressed in order to unlock the opportunities offered by Open Finance.
The potential of open banking to support small businesses has not yet been fully realized and should remain a key focus.
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Access to finance: There is currently a significant funding gap for small businesses. Companies that benefit from Open Finance are more likely to get affordable loans and benefit from a more efficient application process. It also helps lenders by helping them create customized products and make faster decisions thanks to improved credit check processes.
Cash flow management: Small businesses struggle to forecast their cash flow and cash flow financing is on the rise. Open Finance can make cash flow billing and forecasting more accurate and personalized.
We might think that payment companies earn revenue from processing transactions, but we see that companies earn revenue from a variety of sources.
Apple Cash allows users to send weekly, bi-weekly and monthly recurring payments, making it easier for users to pay for shared expenses on a regular basis.
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Why it might work: Apple Pay’s constant stream of feature improvements will make it more successful. Apple Cash has brought more features to Wallet and the latest feature gives users more options like sending money. This should help drive growth: According to our forecast, Insider Intelligence expects 45.8% of iOS users to transact with Apple Pay by 2023.
Apple Pay can attract new users with its growing financial ecosystem, which includes Apple Card, Apple Pay Later and a premium savings account. These products also connect customers closer to the business, which can increase service costs and revenues.
Apple’s extremely loyal customer base includes much younger consumers, which should help sustain Apple Pay’s long-term growth as Gen Zers gain more purchasing power. The Big Tech company could use the new feature to appeal to families and younger consumers by automating things like cash payments.
Check the pressure. The Consumer Financial Protection Bureau (CFPB) is considering whether Apple’s size will limit competition in the market after BNPL’s product launch. The agency has broader concerns about Big Tech’s connection to payment data. The CFPB is also investigating Goldman Sachs’ credit card business, which includes the Apple Card.
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Terrible customer service. Some users have reported issues with Apple Savings accounts, including technical glitches and not being able to withdraw money from their account. Such problems could increase customer confidence and create resistance to Apple’s financial service.
The strength of great Asian apps lies in their deep integration into users’ daily lives, providing convenient services that can be used multiple times a day. For example, on a typical day, a good app user might transfer money to a friend, drive to a restaurant for lunch, order dinner for delivery, and check their investment portfolio before going to bed, all in one app. Asian users use the services provided by super apps throughout the day in many verticals. That’s why 25% of Chinese WeChat users spend more than four hours on the app every day, and why users visit South Korea’s KakaoTalk an average of 72 times a day.
Most premium apps in Asia offer an internal mobile payment feature that allows customers to complete a transaction without leaving the app. This feature brings several benefits: a seamless customer experience, sticky customer treatment, increased monetization of services (such as in-app purchases), and valuable information about consumer behavior that can be used to increase the value of a great app.
What makes Asian super apps truly unique is their integration with millions of lightweight widgets developed by third-party companies, such as a weather widget or GPS-enabled navigation. These miniature “apps within an app” can be used directly in a good program without additional downloads or installations. By allowing third-party companies to develop their own mini-apps and integrate them into the super-app interface, super-apps can offer more services without having to develop their own business verticals, improving user stickiness. Third party development is also beneficial for developers as they have instant access to millions of users through an amazing app platform.
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Mainly there are widgets
