Are Affirm Crypto and Debit a Game Changer in Space?

Super app, a term coined by BlackBerry founder Mike Lazaridis in 2010, is a unique app that combines the most used features of our smartphones into one seamlessly integrated app.

This app handles everything from calling a cab, paying your rent, talking to friends and family, and even ordering food. This app can be filled with “mini-programs” developed both internally or by existing departments that want their services to be easily accessible to Super App users.

Super Apps are popping up in all app stores to varying degrees. While Uber dreams of becoming the “operating system of your everyday life,” the company is already claiming the title of Super App when it comes to transportation, food, delivery and logistics. Spotify is another company that is trying to take the plunge, adding podcasts and discussion boards. In addition, Coinbase is also taking steps to solidify itself as more than a crypto exchange through the addition of direct deposits that allow users to be paid in cryptos, as well as a Coinbase card.

Affirm is the latest app to toss its hat into the ring with the addition of debit and crypto services. While it might seem silly that Affirm, a buy now, pay later service, is striving to be the go-to super app, it could actually make as much sense as anything Affirm or any other. financial company could possibly take. the cake.

Indeed, Affirm and other financial services have a clear advantage over their competitors: their service is already about everything.

You order an Uber, you spend the money. You buy online, you spend money. You subscribe to the music, again, you spend the money. Financial services are directly linked to any potential services that could be offered and are already trusted for what users least trust, by connecting their bank.

But that benefit is far from just security concerns, it’s really about the layout and what users came to do with the app in the first place.

WeChat and AliPay are the two most successful Super Apps in the world and are the backbone of everyday life in China and India. What we can take away from their two layouts is that seamless integration needs simplicity to be successful. And that it also needs a large user base before attempting to take the plunge.

The starting structure of an application determines the route to be taken to create a fully integrated application. If you’re trying to slowly evolve Uber’s app into a great app for shopping of all kinds, messaging, social media tracking, and gaming, it will take a few redesigns to get the layout right as it doesn’t. It wasn’t built with “staying and doing a lot of things other than carpooling” in mind. And the users didn’t download the app with that in mind. Uber is quickly changing that narrative, as it notably brought Uber Eats, Uber Kittens, and Uber Copter to its original Uber app.

Affirm, on the other hand, was designed to seamlessly integrate online shopping with other businesses into its app, and its users have definitely downloaded this app to stay there longer than ordering a ride, as its users seek to navigate other companies’ platforms – such as as Amazon, Peloton, and Walmart – seamlessly with Affirm payment services. This actually makes Affirm’s app structurally very similar to WeChat, which could help it grow more efficiently and without forcing its users to go through countless unbearable redesigns.

But having a transparent structure and a large user base aren’t the only things that need to be done right to effect the change, but rather, localization of the service is key, and perhaps the most important thing. Gojek, a ridesharing service turned Super App in Indonesia, has accomplished this by getting people to be drivers for their service, compared to other services, by offering loans to its drivers to help them buy smartphones. This has helped Gojek build relationships in communities on a more personal level.

The advantage of Affirm when it comes to localization is that it helps people pay for things and has a platform that can direct people to local stores. Plus, it certainly helps local businesses need help making their products more affordable, as consumers shy away from buying locally, mainly due to the price and ease of access.

Uber, Paypal, Venmo and others are also trying to find ways to have a similar impact locally by bringing local restaurants to the fore and partnering with local businesses so that payment services can be used. in farmers’ markets and replace traditional payment methods. in shops.

Additionally, Google via Google Maps – without explicitly throwing its hat in the ring – has slowly been slowly becoming a Super App right under our noses for some time now. Using Google Maps, users can search and book hotels, get tickets to popular attractions, hail an Uber, make reservations through OpenTable and other services, DoorDash for food, book a flight, and contact services at proximity.

As it stands, it is too early to know if there is a real leader in this space or if Super Apps will ever be able to reach the same level in the United States and Europe as throughout Asia. This is in part due to stricter privacy laws that make it more expensive and more difficult for businesses to protect the massive amounts of data provided by a Super App, and the fierce competition businesses face to add and maintain. users.

That being said, the road to Super may be more difficult for apps in the US, but there are still tons of incentives to develop one with $ 143 billion spent through apps last year alone. As all of these above mentioned apps and others keep adding more services through their own app, we are getting closer to its real development and since companies clearly want to be the WeChat of the United States, it is worth it that investors watch them. developments. The more integrations they have, the closer they are and the more seriously you have to take their offering to become a Super App.

For now, it’s a very speculative space. But any well-received acquisition or update could be crucial in this company’s race to create the software that runs our lives.

About Kristina McManus

Check Also

Reedy shares soar in US lithium acquisition

Reedy Lagoon shares jumped more than 28% on intraday trading after learning it had expanded …

Leave a Reply

Your email address will not be published.