The Future of Super Apps
A one-stop platform that offers multiple services gives an app the “Super” status. Super apps have been a part of many discussions that have stemmed from the feasibility and practicality of super apps compared to single-service provider apps. The majority of the super apps that have long been in existence started as single-service providers.
The Chinese app “WeChat” started as an online messaging platform that allows people to connect, chat on its digital platform, make voice and video calls, share media, etc. The app then augmented features like ride-hailing, scheduling pickups, grocery shopping, and much more. Today, WeChat is one of the most powerful super apps dominating the Chinese market.
Many other super apps have shown a similar trajectory, like Uber, which is now branching out from its primary service of taxi pickups and drops to online food shopping, cars, bikes, and scooter rentals. Uber is currently planning to add grocery shopping as one of its services in some of its markets.
The advent of super apps wasn’t an entirely new concept as it is a conventional expansion strategy with physical organizations also prevalent everywhere. Super apps follow the same steps in a digital space where they expand their operations into new service areas, markets, customer segments, and more, to grow.
Super Apps and Fintech
One of the most enthralling aspects of super apps has been their nature to pivot towards fintech. Most super apps leading in different global markets started in distinct service sectors and almost mandatorily augmented fintech to their portfolio. The applicability and relevance of fintech could not have been more pronounced than what we see with super apps. Organizations all over the world are transcending into digital spaces, where fintech is the most demanded augmentation.
Top-rated Super Apps in the World
Alipay
With more than a billion users, Alipay has now become the largest digital payments application. Owned by the Ant Group, China, the app offers a multitude of services like digital payments, e-wallets, taxi services, online food ordering, remittances, insurance schemes, hotel bookings, and much more. Alipay is also one of the prime examples of where payment applications have put gamification strategies to good use by providing heavy discounts, points, and rewards.
Grab
Launched almost ten years ago, Grab is now known as the largest super app in Southeast Asia, to offer multiple services on its platform, like taxi services, e-payments, hotel bookings, online food ordering, grocery shopping, video streaming, and more. What started as an app dedicated to taxi services has now grown multifold to include multiple categories of services under its umbrella. Several factors that have helped Grab achieve a leading position are its elaborate network of delivery partners, its focus on UX/UI (user experience/user interface) on the app, its strategic expansion into different service areas, etc.
Gojek
Gojek is an Indonesian super app that has now spread its services beyond the Indonesian boundaries to neighboring countries, like the Philippines, Singapore, Thailand, etc. Gojek is Indonesia’s first unicorn that also found a place in the 2019 Fortune’s 50 list. It offers services across several categories like taxi services, e-payments, online food ordering, grocery shopping, etc. Because of its stellar performance and breakthrough strategies, several professionals have analyzed and assessed Gojek’s journey and business strategies, to use as blueprints in planning new super apps.
OMNi
Founded in 2019 in Costa Rica, OMNi has become one of the most successful super apps known to the world. With a wide array of functionalities, like bike sharing, fintech, and healthcare services, this super app aims to equip its users with better control and efficient services in these mainstream industries. Its e-wallet and e-payment services have received immense praise. Having established its presence across Central America, OMNi is currently also planning to expand its operations to Southeast Asia. Although, with Gojek and Grab already winning the Southeast Asian market, OMNi’s entry would need well-thought strategies to enable it to cater to an area that excels in super apps.
The Future of Super Apps
Super apps have been the thing of the East. Asian countries like Singapore, Indonesia, India, Thailand, the Phillippines, and others have already proven their metal in building super apps. There is a tremendous cloud of opportunities for the super app market that fintech can supplement. In the past few years, there has been massive development on the technological front, but it doesn’t mean that we’re nearing the end of the road of advancements and innovations.
Super apps have the power to change the dynamics of the current setup by merging several services into one platform. Companies like Square, PayPal, and the likes have already acquired a higher share of the global economy than behemoths like Facebook, Apple, and Google in fintech with their super apps. It is only a matter of time before more opportunities unfold, and we see numerous other organizations taking longer leaps in the development of this industry.
