The app lets users shop at any online retailer, redeem promotions, and access product and budgeting tools—turning Klarna into a one-stop shopping hub.

Who’s winning the sprint to become a financial services super app: At Money20/20 USA, Insider Intelligence gave financial services executives an advance look at our upcoming matrix compiling some of the industry’s most comprehensive data about global financial services super apps.

Lydia added trading, but its suite of services still pales in comparison to competitors included within Insider Intelligence’s list of super apps.

The payment giant’s app overhaul could set it up for substantial cross-promotion possibilities, which can grow payment volume and create a more loyal user base.

Super app Grab is the food delivery leader in Southeast Asia, generating $5.9 billion in gross merchandise value from those sales in 2020.

The UK launch is its first international crypto expansion and anticipates the company’s super app goal.

The neobank’s addition of several new features to its paid accounts could help it attract and retain premium customers.

Revolut rolls out business invoicing: The neobank is giving small and medium-sized businesses in the UK and across Europe the ability to run their collections processes through its app—its latest step in building a “financial super app” with a wide breadth of offerings.

By offering a suite of different products through a single platform, these companies are becoming retail super apps on their own accord. Latin America. Super Apps Are Poised to Become the New Face of Latin America’s Digital Ecosystem.

And new customer tools and app features should also sustain Affirm’s performance. Levchin revealed that Affirm shipped out the first version of its super app—just days after rival Klarna unveiled its own super app. He said the company is piloting cash-back rewards and a crypto savings tool that would let customers buy and sell crypto from their Affirm savings account.

PayPal could integrate Pinterest into its new super app, boosting its shopping hub and likely drawing in more users. And becoming a more attractive shopping destination sets PayPal up for additional cross-promotion opportunities, like pushing its buy now, pay later (BNPL) offering.

Article: Klarna’s super app launch kicks off transformation from payments platform into end-to-end shopping hub. Article: Zip anticipates strong holiday season amid BNPL blitz—but with more competition.

The new tie-up can help bring more Honey users to PayPal’s app, aiding cross-promotion and its push further into retail.

In a related move, Bloomberg reported that Facebook is developing a tool, called Super, that would allow livestream viewers to pay content creators and celebrities to interact with them during a live broadcast. With Super, viewers can buy the livestream hosts digital gifts or pay to have their own video stream appear alongside them. Creators will also be able to sell products during the broadcast.

Article: PayPal's super-app plans set up clash with neobank ambitions. Article: Visa steps up card perks to sustain growth as the US considers life beyond the pandemic.

Article: PayPal's super-app plans set up clash with neobank ambitions.

Earlier this month, Klarna launched its super app, which consolidates shopping, payment management, and support for products, delivery, and returns. Adding Pay Now expands its checkout functionality so US consumers can use Klarna for all purchases, whether they want to use BNPL or not. This opens up Klarna to a huge new volume opportunity.

The big shoppable video platforms in China, such as Taobao Live and JD Live, are parts of giant ecommerce companies situated within super-apps. Other digital devices may also capture a big portion of new shopping channels. By 2023, we expected “other connected devices,” primarily connected TV (CTV), will account for 1:49 in time spent per day for the average US adult.

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. Note: This article was updated on September 10, 2021 to clarify that Square's deal with Afterpay was announced in August 2021.

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.

The bigger picture: The consumer-facing BNPL market is getting more intense as providers experience massive growth and look to reshape financial services by becoming super apps. By getting in on the space, banks can capitalize on this growth and fend off competition from BNPL players, which have been creeping into their banking territory.