Top 5 Most Popular Financial Super Apps in Asia

Financial super apps, also known as fintech super apps, are mobile applications that offer a wide range of financial services, including banking, investment and insurance. These apps have gained popularity in recent years due to their convenience and user-friendly design.

Financial super apps have quickly become an integral part of the daily lives of millions of people around the world. These all-in-one financial services platforms allow users to easily manage their money, make payments and access a wide range of other financial services, all from one convenient app. In recent years, a number of financial super apps have emerged as the most popular among users, and offers a range of functions and services that make financial management much more accessible and immediate than before.

Asia’s financial super apps on the rise

But what should make for a financial super app, as opposed to just a virtual banking or financial services application? A “super app” should also encompass a wider range of services and offerings, within a broader but interconnected ecosystem.

While financial services should be among the core offerings, it is by no means the only value these apps bring to their users. In Asia, the largest and most widely used apps with this breadth of scale and interoperability are always offered by some of the leading technology providers in the region – merging capabilities from their fintech arms with expanded service offerings, all within a single, unified platform that maximizes convenience and ease of use .

The five most popular financial super apps in Asia are Alipay, WeChat Pay, Paytm, Gojek and Grab, each offering a range of services and features to make money management easier and more rounded. Here they are, in no particular order:

WeChat Pay

WeChat Pay is a popular financial super app developed by Tencent, one of the largest technology companies in China. The app allows users to make payments, transfer money and invest in wealth management products using mobile phones. It also offers other services such as topping up mobile phones, paying electricity bills and paying for public transport. WeChat Pay has been widely used in China, with over a billion users and a brand value of nearly $68 billion in 2021.

In addition to offering users the ability to make payments and manage their finances, WeChat Pay also allows users to communicate with friends and family, book appointments, and access a variety of other services using what the app calls widgets — essentially miniature versions of single-purpose apps which can complement other tools in the app – thus making it a true all-in-one app.

Gojek

Gojek is a financial super app from Indonesia that offers a wide range of services including ride-hailing, food delivery and on-demand services. The app also allows users to make payments, transfer money and leverage a shared ecosystem of financial services across verticals. Gojek has become one of the most popular financial superapps in Indonesia, Southeast Asia’s largest economy by size, with over 150 million users in 2021. With over 20 services under its superapp belt, Gojek is worth $10 billion today.

Originally started as a ride-hailing service, Gojek increasingly emerged as a popular financial super app in Indonesia and other parts of Southeast Asia as it began to introduce financial inclusion features available to both individuals and small and medium enterprises (SMEs ) ), including microcredit, P2P lending and ingenious payment strategies that were knowledgeable about the needs of the local market. In addition to offering users the ability to make payments and manage their finances, Gojek also allows users to order a wide range of services, such as rides, food delivery and home cleaning. The app now also offers users access to more financial services, including insurance and investment products.

Grab

Grab has increasingly become the dominant financial super app in the region. Headquartered in Singapore and offering services similar to Gojek, including ride-hailing, food delivery and on-demand services, Grab is the regional first-mover with “super app” ambitions to offer omnichannel products and services under one virtual roof . The app also allows users to make payments, transfer money and access financial services such as insurance and investment products. Grab has expanded its operations to several countries in Southeast Asia and has over 100 million users as of 2021.

Grab is another financial super app vying for a share of the fast-growing Southeast Asian economy, offering users the ability to make payments and manage their finances, as well as order a range of services such as groceries and food delivery. Along with access to a range of financial services, the app also offers users innovative options such as “Buy Now, Pay Later”, cashback and rewards programs. Grab, Southeast Asia’s first and only decacorn, has a market capitalization of $10.89 billion as of November 2022.

Paytm

Paytm is a financial super app from India that offers a range of financial services including mobile payments, electricity bill payments and financial services like digital gold, opening bank accounts and money transfers. The app has become one of the most popular financial super apps in India, with over 400 million users, and since 2021 paperwork was slated for the largest ever initial public offering (IPO) in India’s history.

Paytm has slowly become a popular financial super app in India, offering users universal flexibility and convenience to make payments and transfer money, as well as access a range of financial services such as insurance and investment products. The app also offers users a mix of discounts and cashback offers, making it a convenient and cost-effective way to manage your finances. Paytm’s gross merchandise value (GMV) for 2021-2022 was reported to be ₹8,500 billion (US$110 billion).

Alipay

Alipay is a financial super app developed by Ant Group, an affiliate of Alibaba Group. The app allows users to make payments, transfer money and access financial services such as insurance and investment products. Alipay has become one of the most popular financial super apps in China, with over 900 million users as of 2021 – at one point last year, its parent company was in line for the biggest IPO in history.

Alipay is perhaps the most famous financial super app, the world’s largest mobile (digital) payment platform, and is widely used in China and other parts of Asia. Developed by Alibaba Group, Alipay offers users a range of services, including the ability to make online and in-store payments, invest in wealth management products and even pay utility bills. The app also offers a number of tools to help users manage their finances, such as a budget planner and credit score monitor.

These Asian financial super apps have become an essential part of the daily lives of millions of people around the world, encouraging inclusion while offering a convenient and comprehensive way to manage their finances.