Samsung’s Monimo Set to Disrupt Korea’s Financial Super App Market
Editorial Team
•
Boxo
Top Super App Stories This Week:
Samsung’s Monimo Set to Disrupt Korea’s Financial Super App Market
Cars24 Unveils Super App for Ancillary Services to Monetize User Base
Latin America Super App Rappi on Using Its Travel Products to Drive Loyalty
Indonesian Super App Grab Saw a Record Number of Monthly Users
Samsung’s Monimo Set to Disrupt Korea’s Financial Super App Market
Samsung Group, South Korea’s leading conglomerate, is making waves in the country's Financial Super App market through Monimo, an integrated mobile financial platform. Launched by Samsung Financial Networks, which unites Samsung's four financial affiliates, Monimo has rapidly gained traction, surpassing 10 million users in just over two years.
Monimo offers a range of services, from managing Samsung financial accounts to foreign currency exchange and price comparisons for homes and cars. This Financial Super App is quickly emerging as a key player in the competitive market, with its monthly active users soaring to 5.24 million, closely trailing major competitors like Kakao Pay.
Looking ahead, Monimo is pushing for further expansion by seeking collaboration with top Korean banks and is expected to introduce a new checking account service later this year. With its focus on offering competitive interest rates and launching Monimo Pay for seamless payments, Monimo is positioning itself to disrupt the Korean Finance Super App market.
Source: The Korea Economic Daily
Cars24 Unveils Super App for Ancillary Services to Monetize User Base
Cars24, backed by SoftBank, is a market leader in used car sales, and it has also ventured into financial services through its non-banking financial company (NBFC), disbursing loans worth over Rs 3,000 crore. The company aims to consolidate its customer base through additional offerings and services related to used car sales.
To further leverage its strong presence, Cars24 has launched a Super App that combines a variety of services, including vehicle repairs, financing, insurance payments, and more. The platform has successfully grown, with a Gross Merchandise Value (GMV) of $1 billion in FY23, reflecting a strong operational performance.
Looking forward, Cars24 plans to roll out over 40 new services, including an expansion into new car sales. The company is focusing on building its ancillary services in-house, ensuring strong margins, and leveraging its existing infrastructure for future growth.
Source: Economic Times
Latin America Super App Rappi on Using Its Travel Products to Drive Loyalty
Rappi, the Latin American Super App, has partnered with Marriott to allow loyalty members to link their accounts, enabling users to earn and redeem points across both brands. Initially launched in Mexico, the partnership has since expanded to Colombia, Chile, Peru, Brazil, Argentina, and Uruguay.
Rappi has gained insights into user behaviour, fine-tuning its messaging to appeal to different customer cohorts. They’ve identified that younger users are more driven by points and price sensitivity, while older users value perks and other benefits. Rappi is also expanding its loyalty partnerships with airlines like LATAM and banks in the region to enhance its travel offerings.
Looking ahead, Rappi sees travel as a gateway to its broader ecosystem, driving engagement across its products. The company is leveraging its extensive customer data to deliver more personalised experiences and sees similarities between Latin American and Asian customer behaviours, guiding future growth strategies.
Source: Phocus Wire
Super App Grab Indonesian Saw a Record Number of Monthly Users
Grab Indonesia, the everyday Super App, reached a new milestone with a record 41 million monthly transacting users (MTUs) in the latest quarter, reflecting its strong ecosystem and improved service reliability. The company continues to see growth across its ride-hailing and food delivery services.
“We continued to harness the strength of the Grab ecosystem, and improved the usage frequency and reliability of our products and services,” Grab CEO and Co-founder Anthony Tan said in a news release Thursday (Aug. 15).
During the quarter, Grab also saw significant progress in its banking operations, with deposits in GXS Bank in Singapore and GX Bank in Malaysia growing by over 50% to $730 million. Additionally, Grab's FinTech platform, Grabfin, reported a $2 billion annualised loan run rate.
Looking ahead, Grab is focusing on enhancing productivity for drivers with a lot of new initiatives. through technology, despite challenges like the failed acquisition of Trans-Cab. The company remains committed to finding new ways to expand supply and increase driver productivity in Singapore.
Source: PYMNTS
That's It For This Week!
Thank you for reading. We're excited to continue exploring this ever-evolving Super App landscape with you. Follow us on our social media channels for more updates:
Until the next Super App Stories, stay connected, stay super!
Turn your app into a Super App with Boxo
Boxo is on a mission to accelerate the adoption of Super Apps globally. We enable the seamless integration of a range of value-added services, such as marketplaces, flight booking, and insurance, into any app. We deliver these services through pre-built, white-label miniapps across various sectors, such as E-commerce, Travel, Financial, and Lifestyle. Boxo currently works with 10 Super Apps worldwide, including GCash, Binance, Touch’N’Go, and VodaPay, and empowers more than 600 miniapp integrations, reaching a combined user base of over 500 million.
Share this Article
Super App Stories is a once-a-week newsletter offering in-depth analysis on trends and stories about Super Apps all around the world.
