PayPal's CEO Dan Schulman says the company wants to become a 'super app.' That's the last thing the market--or PayPal--needs.
Technically, the bankers were right, but in reality, nobody “hunted all over the Internet for bills”—billers sent an email every month and people replied and paid their bills.So it’s reallya problem to have 40 to 50 apps on the smartphone and use eight to 10 on a daily basis. But will those eight to 10 apps really “morph into super apps?”While hardly a household term in the US—yet—the “super app” concept is often misused and misunderstood.
To date, super apps don’t really exist in the US—but they’re dominant in China. A screen shot of one of the leading super apps, WeChat, demonstrates the breadth of services integrated into a single app.The super app term is often misused here in the US because the technical aspects of a super app are misunderstood.
As competitors like Square, Shopify, and Stripe build out their support capabilities across the spectrum of merchants’ value chain, the networks or platforms PayPal’s competitors are building threaten to squeeze PayPal out of the picture.PayPal’s acquisition of Honey helped the payment company move up the value chain from payments.
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