Super-apps offering chat, payments, and other services are already huge in Asia. And profgalloway says he's convinced that constructing one for U.S. users is the strategic-imperative of the next decade — and could result in the first $10 trillion company
Photo: RIVERTOP/Album/Alamy/Alamy Stock Photo The metaverse is best described as a consensual hallucination between Mark Zuckerberg and the media — a fantasy that we’ll trade pleasurable activities in the physical world, like cooking and dating, for nausea-inducing hours in a virtual realm full of legless avatars. To most ordinary people, the Facebook CEO’s aspiration to be the god of a universe we can enter only by affixing a prophylactic to our heads seems megalomaniacal. They’re correct.
Already, there are a host of companies looking to replicate the Asian model — but to do so, they’ll have to get past Apple and Google, the nearly hegemonic mobile-OS providers, which are investing billions to prevent a super-app from inserting itself between them and their users. The radical transformation of Apple under Tim Cook has been a decade-long project to extend the company’s ecosystem to nullify the potential for a super-app to sit on top of iOS.
Every aspirant to super-app status in the U.S. will face one final adversary, the federal government. President Biden has stocked the executive branch with fiercely anti-tech legal scholars, and in Congress there is a bipartisan — if fragile — desire to rein in digital conglomeration. I’m on the side of the regulators here, but don’t bet against Silicon Valley and Wall Street’s considerable lobbying and PR investments. It’s a contest to become the most powerful entity on earth.
Payment processing is the nonnegotiable super-app service. It’s the glue that integrates core features with those provided by third parties on the platform, and it gives users the simple convenience of not having to enter credit-card information across dozens of apps and websites.
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