Super App, super different in East and West.

INFS6016 Week 10 Digital Business Model Reflection | Session 9: Digital business model Financial sector

This week, we were introduced to FinTech as one of the most innovative and trendy digital business forms. In Australia, FinTech is nearly a $4 billion industry, which indicates it is getting big in the digital business world. I remembered when I was doing my bachelor's degree in the UK, one of the modules that I took was IT for business. And FinTech was introduced there around 2017. It was something a bit new back then and now it feels a bit outdated?

( These two images were shotted when I was in Cass business School in London )

On the other hand, there was a FinTech example from Kenya, which is the mobile solution for the unbanked in Kenya - M-PESA Super App. I was impressed by this example, which just like the in-class activity when different countries' data popped up that shocked me e.g. Mongolia has the highest credit card usage in-store rate compared to others. But at this point I would like to just focus on Super Apps.

( M-PESA Super App shown in-class Session 9 PPT )

( In-class activity finding that Mongolia has the highest credit or debit in-store usage rate among all East Asian countries )

Super App refers to a multifunctional mobile application that offers a range of services under one platform. For example, Wechat is a super app. Users can pay the bill, watch video clips, read articles, call and text. But why is there no super app in western countries?

I think it could be related to the culture, law difference causing the disparate customer behaviors. But also I think it could be related to the education cost in China. People in China get used to having one app to solve every problem, especially for many elderly people, installing apps by using the App Store is a nightmare. For iPhone users, you have to register an Apple account, then link it with a credit card, every purchase asking the permission of payment. It is secure for Tech-savvy like me. I am having a lot of fun with it, yet for some people who are not, which can be a disaster. Now Android actually makes it easier for them. However, If one app can handle everything, why would they have to install other apps? It saves the education cost for them.

On the other hand, many people in the western countries actually think it can be really risky if all the payment info, personal info and their life snapshots are in one place, then when it crashes, everything will disappear. Also, this integration of personal info can be used in a harmful way collected by one company, which means no privacy for them. Like one app looks through and penetrates your life. But it seems like nobody really cares or do we have the right to care and speak out about this in China?

(https://entrackr.com/2017/09/wechat-offers-no-privacy/ )

To be honest, I don’t like the laziness and the attitude of not caring about the privacy of Chinese users from Chinese super apps like Wechat. Yet, I know it is a very sensitive topic. When this company is covered by the government and getting the power, as a normal user, will we be able to really raise this issue one day in China?