RE: Quarter 4 newsflow25 Oct 2022 00:02
Unlike traditional single-purpose banking apps, which have dominated the market over the last ten years, super-apps cover multiple verticals and create a “one-stop-shop” app where users can complete many different tasks. Super-apps combine an array of different services into one app.
In the Far East the two most popular of these apps are Alipay and WeChat. They host over 2 billion users combined. These super-apps do almost everything - from buying a pizza, hailing a taxi, chatting to your friends and even booking a massage. But in the West few companies are coming out to play.
The opportunity is huge, 1 billion commercial transactions occur every day on WeChat Pay. WeChat Pay has 72 million registered businesses. 35% of WeChat users spend more than 4 hours on the app every day, compared to Gen Z users spending 53 minutes per day on Instagram. The average individual has around 80 apps on their phone. That’s a lot of apps – and a lot of app fatigue. It’s not surprising that so few consumers download new apps. The super-app becomes the front door for how consumers interact with and purchase goods and services as they go about their everyday activities.