The B2C consumer payments sector has witnessed significant disruption over the past five years as fintechs, neobanks..
The B2C consumer payments sector has witnessed significant disruption over the past five years as fintechs, neobanks, and big tech companies introduced innovative digital value propositions to the market. Apple and Google have become synonymous with digital wallets, while traditional issuers and payment networks have seen their brand prominence diminish to some extent.
In conjunction with Open Banking, real-time payments pose a threat to the traditional financial institutions’ brands and roles in consumer payments. This sets the stage for markets outside of Asia, where super apps have taken the central stage in consumers’ lives and the payment journey.Gartner defines a super app as a versatile application that offers a wide range of services and offerings within a single interface.
While super apps haven’t gained as much traction in North America or Europe, many companies are eyeing the super app opportunity. For instance, neobank Revolut offers a range of financial and non-financial services on its platform, and other big tech companies like Uber, Amazon, and Meta are expanding into new services and markets.
However, not all hope is lost for banks. They hold a strong advantage in terms of regulatory compliance and the trust they have established with their customers. Many users prefer the convenience of a single app for all payments and trust their bank’s app for secure everyday activities. Integration platforms that can connect traditional payment systems with new digital channels can bridge the gap, enabling banks to keep up with fintech innovation. Such a solution allows banks to deploy new functionality rapidly without making significant changes to their legacy systems, helping them enter spaces like super apps.Fintechs and big tech companies have elevated customer expectations for payments and banking experiences.
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