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The all-in-one super app is a big step forward in frictionless retail and payment experiences, appealing among high-spending age groups.
The idea of integrating payments, banking, messaging, mobility, etc. in a single app has attracted a large pool of would-be applicants, from Microsoft to Twitter, who are working on (or rumored to be interested in developing) integrated apps. There is momentum, but it has not yet materialized in the north. America.
Karen Webster of PYMNTS named the evolution of these all-in-one digital platforms as one of eight clear trends for 2023 in her early January musings on the year ahead.
“A few players with a critical mass of consumers and businesses to become ‘super’ apps as they act as this digital front door and are the single place to manage most or many of their daily interactions. There is It relates to how consumers shop, pay and manage their money,” he wrote Webster.
read: 8 trends shaping the payments, retail and digital economy in 2023
Super apps are a part of life in Asia, from China’s WeChat, owned by tech giant Tencent, to competitors such as India’s Tata, Indonesia’s Gojek, and Southeast Asia’s Grab.
Based on a survey of nearly 10,000 consumers in the US, UK, Australia and Germany, PayPal and PYMNTS’ joint study “Super Apps For The Super Connected” measures the demand for super apps outside of China and I discovered that The high-spending millennials who are most involved in connected economy activities that superapps offer in his one interface.
Today’s online behavior is probably the best way to measure the impact of a super app, so this study looked at today’s online activity reflected in the final super app.
“The most common online activity for millennials is grocery shopping. In fact, 76% of millennials in these four countries had purchased groceries online in the 30 days prior to the survey. This is significantly higher than 65% of baby boomers and seniors who have done the same.Similarly, 70% of millennials in these countries use connected devices to order food from restaurants. 60% of Gen Z consumers did the same.”
Extrapolating interest in super apps from these findings, the chart shows that nearly 6 in 10 (58.2%) millennials purchase retail goods through digital means, slightly older bridge millennials It can be seen that 53.5% of Generation X is 48.2% and Generation Z is 47.3%.
Get the study: Super App for Super Connected
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Combined with grocery store and restaurant figures, the study concluded: The data suggests that digital integration via super apps is the next logical step in moving towards a more digitally integrated lifestyle. “
Not coincidentally, given the collection of digital tools already on PayPal’s platform, we think PayPal is perhaps best positioned among the major payment players to transform into a super app.
In a 2022 blog post, “PayPal is ahead of its time and is poised to become a full-fledged super app, offering financial tools, crypto education, and the ability to buy, hold, sell, and invoice crypto. payments, peer-to-peer fund transfers via Venmo (US only), and an in-app shopping section with personalized deals and rewards for shoppers coming soon.”
Back in December, news broke that Microsoft may be pursuing its own super app, but it’s likely to be connected shopping and the two superpowers WeChat and others have built their businesses on. It’s less about banking and more about the company’s mobile search ambitions.
Similarly, Twitter owner Elon Musk said: Tweet The fourth quarter took off by storm with the opening line, “Buying Twitter fuels the creation of X, any app,” followed by a tweet that said, “Twitter will probably keep X in 3-5 years.” It will accelerate, but I could be wrong,” he added.
Also read: What is Super App?
PYMNTS Data: Why Consumers Are Trying Digital Wallets
According to the PYMNTS survey, New Payment Options: Why Consumers Are Trying Digital Wallets, 52% of US consumers will try new payment methods in 2022, with many choosing to try digital wallets for the first time. bottom.
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