It could channel this engagement into P2P use, especially if it brings its new super app to Canada, since customers holding a balance in the app or spending more time with the product might also be inclined to try it for P2P. Read Next. Sources. Acorn. Bank of Canada. Consumer Technology Association. daVinci Payments. DLA Piper. Financial Post. Gustavson Brand Trust Index. Interac. JD Supra. Moneris.

For example, in Europe it faces companies ranging from PayPal to Barclays, the Evening Standard noted. Fostering more engagement could bring Revolut closer to its goal of becoming a financial super app. For a deeper dive into how banks are competing with standalone BNPL companies, read this article from our Payments & Commerce Briefing.

Klarna unveiled its super app. The app consolidates shopping, payment management, and support for products, delivery, and returns. As BNPL competition heats up, Klarna’s super app can help it stand out and drive user and revenue growth by transforming it from a BNPL provider into a one-stop hub that can support the entire consumer shopping and payments journey.

Another example is the ad business of food delivery and ride-hailing giant Grab, which sells placements in its super app and cars. Diverse ad formats aside, these retail media networks also have tremendous reach.

Its growing suite of banking services is making Venmo look more and more like a neobank—even though it eschews that title—and is transforming Venmo into a super app that customers can use to manage their entire financial lives.

Or BNPL providers might develop super apps like Klarna’s, which consolidates shopping, payment management, and support to facilitate consumers’ entire shopping and payments journey. Entering niche sectors. Specialized BNPL providers focusing on sectors like air travel and auto repair are already popping up, foretelling more partnerships in these and other segments in 2022.

Klarna in particular has been on an acquisitions spree, announcing deals for a suite of complementary tech firms that can support its super app ambitions. These include virtual shopping platform Hero, online travel planner Inspirock, rewards and loyalty card bundler Stocard, and price comparison and review app PriceRunner.

Super-App Duopoly Promotes Habit Formation. Two aspects in particular of Alipay and WeChat Pay’s dominance drive usage trends:. Near-Universal Acceptance. Most mobile proximity payments in China are made via QR codes, rather than NFC or other tap technology.