In Asia and elsewhere, 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 not just in Asia, but 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, offering a range of features and services that make managing finances much more accessible and immediate than before.

Financial super apps rising in Asia

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 brings to their users. In Asia, the largest and most wide-used apps with this breadth of scale and interoperability are invariably offered by some of leading technology providers in the region — merging capabilities from their fintech arms with extended service offerings, all within a single unified platform that maximises 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 managing money easier and more well-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 their mobile phones. It also offers other services such as mobile phone top-ups, utility bill payments, and public transport fare payments. WeChat Pay has become widely used in China, with over a billion users and a brand value of almost $68 billion as of 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 range of other services using what the app calls as Mini Programs — essentially, miniature versions of single-purpose apps that can complement other in-app tools — 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 super apps in Indonesia, Southeast Asia’s largest economy by size, with over 150 million users as of 2021. With over 20 services below its super app  belt, Gojek is worth US$10 billion today.

Originally starting of as a ride-hailing service, Gojek increasingly emerged as a popular financial super app in Indonesia and in other parts of Southeast Asia when it began introducing financial inclusion features that were accessible to both individuals and small-to-medium businesses (SMBs), including microcredit, P2P loans, and ingenious payment strategies that were savvy of 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 book a wide range of services, such as rides, food delivery, and home cleaning. The app now also offers users access to additional 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 of offering 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 fighting for share of the fast-growing Southeast Asian economy, offering users the ability to make payments and manage their finances, as well as book a range of services such as grocery and food delivery. Along with access to a range of financial services, the app also offers users innovative options like ‘Buy now pay later’, cashback, and rewards programs. Grab, Southeast Asia’s first and only decacorn, has a market cap of US$10.89 billion as of November 2022.

Paytm

Paytm is a financial super app from India that offers an assortment of finance services, including mobile payments, utility bill payments, and financial services such as 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 as its paperwork filing as of 2021, 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 the 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 their 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 well-known financial super app, the world’s largest mobile (digital) payment platform, and is widely used in China and other parts of Asia. Developed by the 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 range of tools to help users manage their finances, such as a budget planner and credit score monitor.

These Asian financial super apps show they 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.

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