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True super apps such as WeChat, Kakao and PayTM go beyond financial management, offering a variety of services across industries and typically not following an “anchor” product or service of a bank. Many reasons prohibit fintech from becoming a super-app, but non-banking apps or ecosystems, especially Apple, are stronger than ever to bring the super-app to the West.
Fintech Companies In America
In Europe and the West, 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 Europe’s closest fintech super apps is Revolut, which offers stays in partnership with VRBO and Experian, Revolut allows users to book trips directly in the app. Last year, he announced the launch of “Chat”. However, the “chat” feature seems to only be related to transferring money to a contact. This begs the question – is it a messaging app or an advanced two-way referral feature when you send money to someone?
When looking for popular super apps, the best ones outside of an anchor service or leading super app almost always started in the non-financial services space, with WeChat Pay and Kakao Pay being the exceptions. While Alipay and PayTM started as digital wallets for online payments and mobile top-up, Grab, UberUBER and Gojek started as ride-hailing apps. The ambition to enter the financial services sector arose after the product market was right for their industry-leading offerings.
Another key aspect of Super-App is the user experience, which apparently allows users to access different services and features without switching between multiple apps.
History has proven that providing an integrated and unified user experience with a third-party product in a fintech application creates a financial services marketplace that is not just a super application. In some cases, this strategy has failed.
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For example, in the early stages of N26’s product offering, it partnered with other fintechs to offer a comprehensive financial management solution, namely TransferWise (now Wise) for international payments, Clark for insurance and AuxMoney for loans. However, the problem here is that existing Clark users will have to open new accounts under “N26 Insurance” and Smart users will not be able to use their existing credentials in the N26 app. It’s just white labels to create a marketplace, users still need to manage multiple apps.
As the fintech revolution continues, companies need to be honest with themselves and their customers about their capabilities and the scale of their platforms. While there’s no shame in focusing on developing a bank as a platform or building a financial services marketplace, it’s important to avoid prematurely labeling these offerings as super apps.
As part of the new partnership, any Amazon Pay merchant in the US can now choose to offer their customers a “Buy Now, Pay Later” option with Affirm’s technology. Merchants who offer Amazon Pay are not required to integrate Affirm as a separate payment option. Instead, they can add it to their existing Amazon Pay button.
Confirm an initial partnership with Amazon in August 2021, exclusive until January 2023. It started last September with a US release before rolling out to Amazon .ca and the Amazon mobile app in Canada.
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Using what Affirm describes as its adaptive payment technology, the company says it will offer customers customized payment options such as bi-weekly and monthly for purchases over $50, 0% starting in April. Amazon Pay customers who choose Affirm as a payment option must be pre-approved, a process that Affirm says will not affect their credit score.
The fintech company always assures users of its technology that they “don’t pay more than they agree to” with “no delay or hidden fees.”
For consumers, this is another way to extend payment on purchases. Amazon Pay makes it easy for people to order things online, usually without entering their name, address or payment information, because it allows them to link their accounts with the click of a button. For retailers, this convenience is likely to translate into sales already, and perhaps more payment options will only increase sales. Affirm also says that retailers who offer Amazon Pay with Affirm can tap into a new network of shoppers now that 16 million shoppers are “actively using Affirm.”
In confirmation, the deal represents a scaling of the existing relationship between the two companies. Currently, the US is available on Amazon .com and the Amazon app. And in Canada, “millions” of users are already using Affirm.
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Open finance can promote open banking standards and practices in a way that promotes innovation and competition among small businesses and facilitates collaboration and data sharing.
Small businesses look to policymakers and regulators to develop specific data sharing solutions for small businesses with the flexibility that standard APIs and third-party support can provide.
There are several issues to be resolved in order to unlock open finance:
The potential of open banking to support small businesses is still not fully accessible and should be a major focus.
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Access to finance: There is currently a significant funding gap for small businesses. Open Finance will benefit these companies, who are more likely to get affordable credit and benefit from a more efficient application process. It will help lenders by helping them create customized products and get faster decisions through a better credit evaluation 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 invoicing and forecasting based on cash flow more accurate and personalized.
One might think that a payment company generates revenue from transaction processing, but we see that companies generate 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 common expenses on a regular basis.
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Why it works: Constant improvements to Apple Pay’s features make it even more effective. Apple has introduced peer-to-peer functionality in Cash Wallet and the latest feature gives users more options to send money. This will drive growth: Insider Intelligence predicts that 45.8% of iOS users will transact with Apple Pay by 2023, we estimate.
Apple Pay can attract new customers with an expanded ecosystem of financial services, including Apple Card, Apple Pay Later and a high-interest savings account. These products connect the customer more closely with the company, which increases costs and revenue from services.
Apple’s most loyal customer base includes many young consumers, which will help Apple Pay continue its long-term growth as Gen Zers gain more purchasing power. A big tech company could use the new feature to attract families and younger customers by automating things like pocket money payments.
Regulatory pressure. The Consumer Financial Protection Bureau (CFPB) is assessing whether Apple’s size will limit competition in the market once BNPL begins production. The bureau has broader concerns about Big Tech’s relationship with payment data. The CFPB is also investigating Goldman Sachs’ credit card business, which includes the Apple Card.
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Smooth customer support. Some users have reported issues with Apple Savings Accounts, including technical glitches and the inability to withdraw cash from their accounts. Issues like this could undermine consumer confidence and create resistance to Apple’s financial services.
The strength of Asian Super Apps lies in its deep integration into users’ daily lives by providing convenient services that can be used many times a day. For example, on a typical day, a Super app user can transfer money to a friend, go to a restaurant for lunch, order groceries for dinner, and check their investment portfolio before bed—all in one app. Consumers in Asia use the services offered by Super Apps throughout the day across multiple verticals. That’s why 25% of WeChat users in China 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 Asia Super apps offer a built-in mobile payment feature that allows users to complete transactions without leaving the app. This feature offers several benefits: a seamless customer experience, customer loyalty, higher monetization of services (eg in-app purchases) and valuable insights into user behavior that can be used to improve the Super app’s value proposition.
What makes Asia Super Apps truly unique is the integration of millions of lightweight apps developed by third parties, such as a weather widget or a GPS-based navigation app. These small “apps within an app” can be used directly in the super program without additional downloads or installations. By allowing third-party companies to develop their own applets and integrate them into the SuperApp interface, SuperApps can offer more services without developing their own vertical business, which enhances the user interface. Third-party development is also beneficial for developers as they can instantly access millions of users through the SuperApp platform.
Fintechs, You Are Not A Super-app; The 10 Biggest Fintech Companies In America 2023; Open
Applets are mostly visible
