Currencycloud stated that it has observed the journey super apps have been on for many years. It has also played a part in their development through its FinTech clients that have brought new super apps to the market. Currencycloud is also working with clients, including Bano and Fluid Finance, as they offer super apps designed to offer banking alternatives for digital-first consumers.
Its new ebook explores this journey super apps have been on.
So, what is a super app? These are apps that have become a one-stop-shop for all their customers’ needs. They will typically launch focused on one service, such as communication, ride hailing or e-commerce, and will soon offer more services until it offers a variety of different types of products.
The original super app was China’s WeChat, which launched in 2011 as a communication service and now offers over two million services across 200 categories.
These types of apps have become increasingly popular since then. A recent report from PYMNTS found that 72% of consumers are interested in a super app. Respondents to the survey from the UK were the most eager for a these types of apps, with 74% expressing interest.
The popularity of these apps has been reflected in venture capital. France-based Lydia, which describes itself as a financial services super app, recently reached a $1bn valuation after raising $100m. While South Korea’s Toss reached a $7.4bn valuation after closing a $410m round.
The ebook highlights that China was the birthplace of the super app. This has been helped by a lack of competition from tech titans, with Twitter, Google, WhatsApp and Facebook all blocked. The market also has a mobile-first population, with Global Times reporting 99.7% of China’s internet users browse the internet from their mobile devices.
One of the reasons super apps have taken the world by storm is that it can support the unbanked. Currencycloud stated that “For the 2 billion unbanked adults globally, super apps provide payment and credit solutions for them: all made within the app’s ecosystem.”
However, their expansion in the US and EMEA has been stalled compared to Asia. This has been caused by legacy systems and regulations impacting the sharing of data.
To learn more about the development of support apps, download the ebook for free here.
Earlier in the year, Currencycloud teamed with Future FinTech Labs to launch Tempo, a remittance app, to offer US-based immigrants a simpler way to send money.
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