The global rise of super apps have provided substantial value (and market disruption) for companies able to provide everything consumers need through one interface. The impact of these holistic offerings is evident, but due to concerns around data privacy, financial regulation, and proportionately low adoption of mobile payments in the U.S., it may not be feasible to expect a comparable ‘SuperApp’ offering to emerge outside of Africa, Asia, and the Middle East.
Regardless of the rise (or lack thereof) of a SuperApp in the West, there is still substantial value in studying the functionality, seamlessness, and countless opportunities for cross-selling they provide. Further, as consumer preferences shift toward bundled services and effortless experiences, banks and fintechs should focus on developing solutions that support embedded payments or embedded banking (i.e., lifestyle service-oriented apps that would benefit from a payments function) rather than offering a standalone solution (i.e., traditional mobile banking apps from financial institutions). This model is both more realistic, as well as more valuable for fintechs, neobanks, and financial institutions looking to enhance customer engagement and differentiate their offerings.
This eReport contains:
- Clarification on the definition of SuperApps
- Historical background on the unique environmental factors that led to the development of the first SuperApps
- Company profiles of the most popular SuperApps globally - WeChat/Weixin, Alipay, Gojek, Grab, and Paytm
- Barriers that are preventing a true Western SupperApp from emerging
- Commentary around the three companies most likely to put forth comparable offerings in the U.S. - Meta (Facebook), Amazon, and PayPAl
- Opportunities for future SuperApps
- Implications for the broader fintech industry