This is my daily post. I write daily, but send my newsletter to your email only on Sundays. Go HERE to see my past newsletters.
Southeast Asia is miles beyond Europe of the US with digital wallets, with one of the world's largest adoption rates at 79%.
Why should you care?
Simple, look to Asia today to see what services and features digital wallets will one day inevitably have in the West.
Digital wallets are one area where the West would do well to copy Asia, not vice-versa.
Asia's digital wallets are fundamentally reshaping consumer expectations and improving access to financial services in a new digital-first paradigm.
This trend is so big that some e-wallets are stepping away from being called super apps and rebranding themselves as all-encompassing ‘life apps.’
Life apps seamlessly blend payments, lending, lifestyle services, and personal finance tools into a more holistic digital experience.
Is being a life app over a superapp just marketing?
No, because a superapp's goal is to attract the largest number of services.
Life apps are less about how many services and more about creating frictionless, personalized customer experiences.
Interestingly, a life app could have far less functionality but deliver more value to customers.
Life apps are about "ubiquity," and that is certainly something you're missing with Apple and Google Pay!
👉 Ubiquity in four key areas of everyday life:
Universal financial control hub
One natural progression will be to incorporate better personal financial management features, such as managing recurring payments and investments.Comprehensive travel companion
Many e-wallets now offer integrated travel services, allowing users to book flights and hotels and even make restaurant reservations directly from their wallets, simplifying travel planning and payment.Routine administrative duties
🔥The Singpass system in Singapore provides an example of how digital identity can work in practice to help users carry out routine tasks. Singpass allows users to authenticate themselves for government services, health records, tax filing, and more by using a single digital identity.🔥Holistic health & wellness services
As health and wellness become increasingly important, e-wallets are expanding their services to include features such as health insurance management, telemedicine consultations, and fitness tracking.
HAND CURATED FOR YOU
🚀 Every week I scan thousands of articles to find only the best and most valuable for you. Subscribe to get my expertly curated news straight to your inbox each week. Free is good but premium is better.
If you know someone who would like this newsletter, please share it with them and help grow our Asia, CBDC, and AI aficionados community!
