Digital wallets evolve to super-apps post-pandemic

Rising demand for super-apps boosts digital wallet growth in Asia

The Southeast Asian digital wallet landscape has evolved, driven by pandemic shifts and increasing consumer demand for multifunctional platforms, according to Nabil Manji, Head of Fintech Growth at Worldpay. The pandemic accelerated digital wallet adoption across the region, prompting many apps to expand into super-app platforms.

"The rise of digital wallets and digital wallets within super apps over the last five to 10 years has been absolutely incredible, and Asia's been leading the way in that," Manji said during Sibos 2024 in Beijing. He attributed the rapid transition to consumers’ pandemic-driven move away from cash, a shift that benefitted Asia's emerging super apps.

As apps evolved beyond standalone services like food delivery and e-commerce, the industry has seen a lot of consumer engagement with those apps as more of their daily life takes place within the app ecosystem. Enhanced features such as biometric authentication have also improved user experience, bolstering trust in digital platforms.

Manji believes the future of super-apps lies in further expansion of financial services, including peer-to-peer payments and cross-border payment options, to meet diverse user needs.