The success of super apps on “Day One” could be worth $3.2T

Millions of consumers – and potentially hundreds of millions of them – are ready. They have their devices in hand, waiting for the right moment, eager to embrace the super app right out of the gate.

According to PYMNTS’ report “The Super App Shift: How Consumers Want to Save, Shop and Spend in the Connected Economy,” done in partnership with PayPal, as many as 98 million consumers were extrapolated from the nearly 10,000 individuals we surveyed across Australia, Germany, the UK and the US, would embrace a super app immediately upon release – like on the same day it debuted.

Get the report: How consumers want to save, shop and spend in the connected economy

Broadly speaking, a super app exists as a simple user interface where consumers can perform all kinds of activities across a broad continuum – from shopping to banking to ride-hailing to buying groceries. If there is a transaction or online interaction involved, it can conceivably be done through this single point of contact.

A growing awareness

Consumers are becoming increasingly aware of what super apps can do for them, and they’re seemingly ready to get down to business, as it were.

Overall, about a quarter of PYMNTS’ sample said they were “very” or “extremely” interested in a super app. The US leads, with 28% stating they are “very” interested, followed by Germany at 20% of consumers claiming a similar level of interest.

Less than a third of all respondents said they were “not at all” interested in super apps, meaning two-thirds of consumers are predisposed to have their imaginations captured by super apps, to assign something to the everyday. tasks for the platforms and the digital front doors that can be accessed via apps.

In fact, with a little more granular insight into specific verticals, approximately 41% of consumers would increase their banking activities if they had access to a super app.

All this points to a greenfield opportunity for providers, but also a challenge. They need to get things in place before they even go to market with the super app. As the old commercial says, you don’t get a second chance to make a first impression.

In terms of “Day One” readiness, and the potential benefit for the companies that get it right, the chart below shows the total annual consumer spending, country by country, which equates to $3.2 trillion annually.

To get it right, providers need to emphasize speed, security and convenience – and in doing so, the connected economy becomes increasingly entrenched.