The Race for the Super App: Will India's BFSI Ecosystem Converge?

The concept of a Super App has its roots primarily in Asia. The term is often credited to refer to platforms that began with one core function (messaging, ride-hailing, payments) and then expanded to offer a portfolio of services accessed through the same interface. For example, WeChat in China began as a messaging app and evolved into payments, e-commerce, ride-hailing, mini-programs and more.

- Amit Kumar Chief Manager Research officer State Bank Staff College (SBSC), Hyderabad

1. Introduction

In recent years, India's financial-services landscape has witnessed an accelerating transformation. The ubiquity of smartphones, the proliferation of digital payments through Unified Payments Interface (UPI) and other platforms, the rise of fintechs, and shifting consumer preferences have all combined to create fertile ground for a new paradigm, the emergence of the "Super App". In the context of banking, financial services and insurance (BFSI), a Super App is a digital platform that offers multiple (often many) services such as payments, deposits, lending, insurance, investments, and non-financial services such as shopping or travel all within one user interface.

India is now firmly in what many consider the "race" for the Super App. Banks, NBFCs, payment players, e-commerce firms and telecom operators are all positioning themselves to build or be part of such platforms. At the same time, regulators, policymakers and the ecosystem are keenly watching: will these players converge, will the BFSI ecosystem coalesce into a handful of dominant Super Apps or will fragmentation persist? This article explores that question.

2. Genesis of the Super-App Movement

The concept of a Super App has its roots primarily in Asia. The term is often credited to refer to platforms that began with one core function (messaging, ride-hailing, payments) and then expanded to offer a portfolio of services accessed through the same interface. For example, WeChat in China began as a messaging app and evolved into payments, e-commerce, ride-hailing, mini-programs and more.