As fintechs develop 'super apps,' are banks partners or rivals? - PaymentsSource

Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
6 May 2021

Building a stronger and more engaged client base through a super app is a driver for fintech expansion into new product sareas, according to Celent Senior Analyst Kieran Hines.

“The more services you offer customers, the more likely they are to remain your customer and, with payments, being top-of-wallet is very important,” Hines said.

Another driver for super apps is revenue growth, since the wider the range of efficient and competitive products a company can offer its customers, the better it can reach its growth targets.

“Fintechs such as PayPal are looking to emulate the success of Alipay and WeChat Pay, which have created one-stop shops for financial services in Asia,” said Hines. “If you’re at the heart of the financial relationship with the customer, it’s far easier to be the organization that generates the financial benefit of that.”

click here to read more

News article details

Industry
Retail Banking
Media Type
News Articles
Geographic Focus
Asia-Pacific, EMEA, LATAM, North America