Global Fintech Fest: Too Soon To Write Obituary Of Super App? Experts Weigh In

At a time when global tech giants are still chasing the elusive dream of creating a single “super app” that dominates every aspect of a user’s digital life, Indian industry leaders are questioning whether that model even fits today’s ecosystem.

Speaking at the Global Fintech Fest on Tuesday, investors and executives from Lightspeed, Google Pay, HSBC and Federal Bank agreed that the age of all-in-one digital empires may be behind us — replaced instead by fluid ecosystems, user choice and intelligent partnerships.

Anuvrat Jain, principal for growth and private equity at Lightspeed, is not a fan of super apps. He noted that while China’s WeChat succeeded in capturing an entire customer’s digital wallet, such dominance has not been replicated elsewhere.

According to him, ecosystems today are far too large for any single app to monopolise. "I may use Google Pay a lot, but that doesn’t mean I’ll stop using HDFC or any other bank app,” he said.

Even as a major investor in Razorpay, Jain pointed out that companies like Zepto continue to use multiple payment vendors — evidence that exclusivity no longer drives value. What matters, he said, is retaining customer attention and being part of their wallet share, not owning it entirely.

"It came about when devices had little storage and data was expensive," said Karan Sapra, India payments head at Google Pay. However, today storage is unlimited and data is nearly free. He also pointed out that in today's times, the phone's home screen is in itself a superapp.

Sapra emphasised that users and not platforms hold the power today. “No one owns the customer; the customer owns businesses.”

With India’s digital public infrastructure enabling interoperability, platforms must now focus on trust, reliability, and meaningful partnerships. With India’s open digital infrastructure enabling interoperability, he argued, the focus should shift to partnerships and user experience rather than control.

HSBC Managing Director Sandeep Batra agreed, saying, “Themes keep changing — in 2020 it was all about WeChat.” He also believes partnerships now deliver more value than standalone apps.

While he cautioned that it is too early to write the obituary of super apps, he admitted that executing such a model at scale remains challenging. Looking ahead, Batra suggested that AI could be the next evolution — a personalised “gateway” that understands and serves users seamlessly.

For Virat Diwanji, national head of consumer banking at Federal Bank, the superapp is evolving into something subtler — "an ecosystem that solves complex issues". Banks, he said, have the advantage of trust and security, but customers increasingly want customisation.

Today’s design lets customers decide their own menu. The app learns and adapts, he added. According to him, it’s not about trapping users inside one ecosystem, but giving them intuitive, safe and smooth experiences.