Top Super Apps and Their Financial Services: A Global Perspective
When listing our favorite apps, names like Zomato, Swiggy, or Zepto often come to mind. It’s easy to see why—rescuing us from hunger during a 14-hour workday is no small feat. However, these apps, and many others, are transforming beyond their initial purpose to become ‘super apps’—applications offering a variety of services under one roof.
Super Apps: More Than Meets the Eye
Several apps initially designed for simple tasks, like food delivery, are evolving into multifaceted platforms. These super apps are embedding financial services, e-commerce, and more to keep users engaged on their platforms. Here’s a closer look at how some of the world’s top super apps are integrating financial services into their ecosystems:
1. Paytm: The Indian Super App
Starting as a mobile recharge and bill payment app, Paytm has exploded into a comprehensive financial services platform. It now hosts various services including:
- Mobile banking
- Mutual funds
- Insurance
- UPI payments
- Ticket booking for movies and travel
Paytm’s growth underscores the shift from single-function apps to super apps that cater to numerous needs in one place.
2. Grab: Dominating Southeast Asia
Originally a ride-hailing app in Singapore, Grab has expanded into food delivery, digital payments, and financial services. Some noteworthy features include:
- GrabPay for secure payments
- GrabInsure for insurance products
- GrabInvest offering investment options
Grab’s success lies in its ability to blend daily utilities with financial services, keeping users engaged and loyal to their ecosystem.
3. GoTo: Indonesia’s Multi-Service Powerhouse
GoTo—formed from the merger of Gojek and Tokopedia—offers a range of interconnected services. Financial functionalities within the GoTo app include:
- GoPay for seamless transactions
- GoSure for insurance
- GoInvestasi for investment opportunities
- Merchant and consumer credit
This merger has created a super app capable of serving users’ needs, from transportation to financial management, all under one roof.
4. Zalo: Vietnam’s All-In-One App
Zalo began as a messaging app but now includes comprehensive features:
- ZaloPay for digital payments
- ZaloBank for digital banking
- E-commerce integration for easy online shopping
Zalo’s transformation into a super app has made it an all-encompassing tool for communication, payments, and shopping in Vietnam.
Every Platform Wants To Be a Store
Super apps are not unique to Southeast Asia. Social media giants are also turning into mini marketplaces. For instance:
- Facebook: Marketplace and stores feature for direct shopping within the app.
- Instagram: Shoppable posts and stories.
- TikTok: In-app shopping capabilities.
- YouTube: Creators can sell products directly through their channels.
- WhatsApp: Business accounts offering integrated catalogs and direct purchases.
Each platform is striving to keep users engaged and facilitate transactions without them needing to leave the app.
The Road Ahead for Super Apps
The global super apps market was valued at approximately $61.30 billion in 2022 and is expected to grow steadily. By 2050, it is anticipated that over half of the global population will be using these all-encompassing apps.
But are these super apps truly the future? Deepinder Goyal, CEO of Zomato, previously expressed skepticism about their success in India, preferring to grow Zomato and Blinkit as separate entities. However, the overwhelming trend suggests that consumers prefer the convenience of a single app for multiple services.
Also true for startups. Most people launch a very complex product to start with. A Swiss knife before a decent knife that works.
Also true for super apps that many large conglomerates keep launching with 20 things being done together on day one. https://t.co/rZptaRo32O
— Kunal Shah (@kunalb11) July 30, 2024
Conclusion
The rise of super apps is undeniable. They simplify our lives by bundling diverse functionalities—financial services, communication, entertainment, and e-commerce—into one platform. Whether it’s Paytm’s financial ecosystem or Grab’s multi-service network, these apps are here to stay and evolve further.
Whether you’re craving food during a hectic workday or managing finances on the go, super apps are becoming indispensable tools. They not only add convenience but also bring diverse services into one accessible spot, making our lives a tad bit easier every day.
Mehek 
Divya 
Deepika