17Super Apps: The Natural Progression in Fin-Tech
Kavitha D.*, Uma Maheswari B. and Sujatha R.
PSG Institute of Management, PSG College of Technology, Coimbatore, Tamil Nadu, India
Abstract
Super Apps refer to an ecosystem that includes within itself a full suite of solutions such as banking, marketplace, and lifestyle services to satisfy various needs of a user. They provide a seamless and integrated experience and save them from switching between multiple individual apps. The market space for Super Apps is highly competitive, with fin-tech giants, banking companies, and big tech rivalling each other to acquire and retain consumers. The concept of a “Super App” seems to be a natural progression from the various offerings of the fin-tech sector. This chapter provides insights into the evolution of the concept of Super Apps, the market, key players, their business models, and their role in financial inclusion. The chapter also details the risks inherent to Super Apps and the measures to mitigate the same.
Keywords: Super app, mobile application, Fin-tech, financial inclusion, consolidation, banks, financial services
17.1 Introduction
A “super app” refers to a “cluster of applications” that are contained within a single dedicated app. It refers to an ecosystem that includes a full suite of solutions such as banking, e-commerce, and lifestyle services to satisfy the various needs of a user on one single platform [8]. It serves as a one-stop solution for users and reduces the ...