Finance:Super-app

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Short description: Mobile application that provides multiple services that include financial transactions
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A super-app (also written as super app or superapp) is a mobile or web application that can provide multiple services including payment and financial transaction processing, effectively becoming an all-encompassing self-contained commerce and communication online platform that embraces many aspects of personal and commercial life. Notable examples of super-apps include Alipay, Tencent's WeChat in China , Tata Neu in India and Grab in Southeast Asia.[1][2][3]

For end users, a superapp is an application that provides a set of core features while also giving access to independently developed miniapps. For app developers, a superapp is an application integrated with the capabilities of platforms and ecosystems that allows third-parties to develop and publish miniapps.[4]

History

The super-app term was first used to describe WeChat,[5] which was coined the first super-app when it combined the instant messaging service with the digital wallet function.[6][7] Recognition of WeChat as a super-app stems from its combination of messaging, payments, e-commerce, and much more within a single application, making it indispensable for many users. WeChat's establishment of the super-app model have led companies like Meta (formerly Facebook) to try and build similar applications outside of China.[8][9]

In India, Tata Group has announced that it is currently developing a super app named Tata Neu.[10][11][12] Major Indian companies like Paytm, PhonePe, and ITC Maars also have apps in development that might constitute super-apps.[13]

In Southeast Asia, Grab and Gojek lay claim to the super-app classification despite lacking many of the features offered by WeChat. Accordingly, growth-stage companies like Shopee, Traveloka, and AirAsia have also expanded the range of services offered by their respective applications.[3]

Following Elon Musk's acquisition of Twitter in October 2022, Musk expressed his ambition to create an "everything app" under the name "X".[14][15]

Notable examples

Alipay

Alipay is a third-party mobile and online payment platform established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. It operates in association with Ant Group, an affiliate company of the Chinese Alibaba Group.[16][17][18]

Lark

Lark is an all-in-one work collaboration tool. First released in 2018, Lark became the first truly all-in-one B2B work collaboration tool in the market available for teams across the globe, with key markets in the United States , APAC and Japan . Lark provides a suite of solutions ranging from business messaging to project management, video conferencing, online docs, workflow automations and more.

Gojek

Gojek is an Indonesian on-demand multi-service digital platform and fintech payment super-app. Established in Jakarta in 2010, as a call center to connect consumers to courier delivery and two-wheeled ride-hailing services, it launched its mobile app in 2015 with four services: GoRide, GoSend, GoShop, and GoFood, which has since expanded to offer over 20 services. In 2021, it merged with another Indonesian unicorn, Tokopedia, forming decacorn GoTo Gojek Tokopedia.[19]

Grab

Grab is a Southeast Asian technology company headquartered in Singapore and Indonesia. Founded in 2012 as the MyTeksi app in Kuala Lumpur, Malaysia, it expanded the following year as GrabTaxi, before moving its headquarters to Singapore in 2014 and rebranded officially as Grab. In addition to ride-hailing and transportation services, the company's mobile app also offers food delivery and digital payments services.[20]

Tata Neu

Tata Neu is a multi-purpose super-app, developed in India by the Tata Group. It is the country's first super-app. The app was launched to coincide with the start of a 2022 Indian Premier League match.

WeChat

WeChat is a Chinese multi-purpose instant messaging, social media and mobile payment app. First released in 2011, it became the world's largest standalone mobile app in 2018, with over 1 billion monthly active users. WeChat provides text messaging, hold-to-talk voice messaging, broadcast (one-to-many) messaging, video conferencing, video games, sharing of photographs and videos and location sharing.[2]

Criticism

Although apps that fit the super-app classification can offer users a wider variety of services in comparison to single-purpose alternatives, internet regulators in regions such as the US and Europe have become more concerned about the overall power of the technology industry and have become more critical of companies developing such apps. In China, WeChat and other local firms have been ordered to open up their platforms to rivals by local regulators.[21]

There are also reports that suggest it might be difficult to replicate WeChat's super-app model. This stems partly from the peaking of smartphone penetration rates in many regions worldwide, which have led to overcrowded app stores and tighter restrictions on targeted advertising as regulators assert more control over the companies. From a technical viewpoint, single-purpose apps are comparatively faster, more responsive and easier to navigate than super-apps, which help improve the overall user experience.[22] Super-apps are also likelier to store larger amounts of personal data to facilitate the delivery of their services, and users run a greater risk of becoming victims of severe data breaches. In 2020, this unfolded with Tokopedia, when data of 91 million users was stolen and shared by hackers.[3]

It has also been noted that a user that loses access to their account or is banned from a super-app generally loses access to multiple real-life services and digital applications.[23]

See also

References

  1. ↑ "What is a super app, and why haven't they gone global?" (in en). CNBC. 2021-07-16. https://www.cnbc.com/video/2021/07/16/what-is-a-super-app-and-why-havent-they-gone-global.html. 
  2. ↑ 2.0 2.1 "The race to create the world's next super-app" (in en-GB). BBC News. 2021-02-05. https://www.bbc.com/news/business-55929418. 
  3. ↑ 3.0 3.1 3.2 "Southeast Asian platforms seek 'super app' label to emulate Grab and Gojek" (in en). 2022-01-28. https://kr-asia.com/southeast-asian-platforms-seek-super-app-label-to-emulate-grab-and-gojek. 
  4. ↑ "What Is a Superapp?" (in en). https://www.gartner.com/en/articles/what-is-a-superapp. 
  5. ↑ Shimota, Kevin (5 July 2022). The First Superapp: Inside China's WeChat and the new digital revolution. Earnshaw Books. ISBN 978-9888769421. 
  6. ↑ "WeChat: Inside a Super App". 2 November 2017. https://www.foolproof.co.uk/journal/wechat-inside-a-super-app/. 
  7. ↑ Devanesan, Joe (16 July 2020). "WeChat – how open, agile culture built the world's first superapp". https://techwireasia.com/2020/07/wechat-how-open-agile-culture-built-the-worlds-first-superapp/. 
  8. ↑ Rodenbaugh, Ryan (26 October 2020). "Breaking down WhatsApp's and Facebook's super-app ambitions" (in en-US). https://www.techinasia.com/whatsapp-facebooks-super-app-ambitions. 
  9. ↑ Levy, Adam (2020-01-31). "Facebook's Super-App Strategy Is Paying Off" (in en). https://www.fool.com/investing/2020/01/31/facebooks-super-app-strategy-is-paying-off.aspx. 
  10. ↑ Mundhra, Laxitha (2021-09-30). "Tata Digital's Super App To Be Called 'TataNeu', Launch Set For Early 2022" (in en-US). Inc42 Media. https://inc42.com/buzz/tata-super-app-to-be-called-tataneu-launch-set-for-early-2022/. 
  11. ↑ Zachariah, Reeba (29 September 2021). "Tatas' super app called TataNeu" (in en). https://timesofindia.indiatimes.com/business/india-business/tatas-super-app-called-tataneu/articleshow/86592008.cms. 
  12. ↑ "The Tata super app now has a name". The Economic Times. https://economictimes.indiatimes.com/tech/technology/the-tata-super-app-now-has-a-name/articleshow/86609000.cms. 
  13. ↑ "ITC to launch super app this year to tap small farmers' potential: Chairman" (in en-US). 11 August 2021. https://www.business-standard.com/article/companies/itc-to-launch-super-app-this-year-to-tap-small-farmers-potential-chairman-121081101011_1.html. 
  14. ↑ Dang, Sheila (2022-10-29). "Explainer: What is an 'everything app' and why does Elon Musk want to make one?". https://www.reuters.com/technology/what-is-an-everything-app-why-does-elon-musk-want-make-one-2022-10-05/. 
  15. ↑ "Elon Musk, Twitter and the mysterious X app" (in en-GB). BBC News. 2022-10-05. https://www.bbc.com/news/technology-63141272. 
  16. ↑ Li, Jiaxing (13 September 2021). "Chinese regulators break up Alipay, split off loan business". kr-asia.com. https://kr-asia.com/chinese-regulators-break-up-alipay-split-off-loan-business. 
  17. ↑ "WeChat is the world's biggest superapp, but it's not the only one" (in en). 2023-05-09. https://qz.com/wechat-worlds-biggest-superapp-1850414689. 
  18. ↑ Yang, Yingzhi; Goh, Brenda (21 June 2022). "Factbox: Alibaba and Ant's ties are starting to fray under China's glare". reuters.com (Reuters). https://www.reuters.com/world/china/alibaba-ants-ties-are-starting-fray-under-chinas-glare-2022-06-21. 
  19. ↑ Tani, Shotaro (2 June 2022). "Indonesia holds key to GoTo's 'aggressive' IPO valuation". asia.nikkei.com (Nikkei, Inc.). https://asia.nikkei.com/Business/Business-Spotlight/Indonesia-holds-key-to-GoTo-s-aggressive-IPO-valuation. 
  20. ↑ Vaswani, Karishma (3 May 2021). "Grab: How an Uber killer became a powerful Asian super-app". bbc.com (BBC). https://www.bbc.com/news/business-56967633. 
  21. ↑ Heath, Alex (2021-11-01). "Rise of the super app" (in en). https://www.theverge.com/22738395/social-media-super-app-facebook-wechat-shopping. 
  22. ↑ "Commentary: The real reason most super apps are not super great" (in en). https://www.channelnewsasia.com/commentary/super-app-grab-gojek-taxi-food-delivery-pay-big-tech-2135026. 
  23. ↑ "The dark side of a super app like WeChat" (in en). https://www.technologyreview.com/2022/10/18/1061899/dark-side-super-app-wechat/. 



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