Samsung is known for creating cutting-edge electronic devices like smartphones and TVs, but did you know they are also exploring the world of mobile banking? The tech giant is looking to launch a “super app” for mobile banking in partnership with a major South Korean bank.
This exciting project is being spearheaded by Samsung Financial Networks, a unit under Samsung Group’s financial affiliates. The potential super app could stem from Monimo, a financial services app introduced by Samsung Financial Networks in April 2022. Monimo offers a wide range of services such as money transfers, foreign currency exchange, price comparison tools, and real estate and vehicle searches within South Korea.
Despite its promising features, Monimo has faced challenges in attracting a large user base, especially when competing against established bank and fintech-operated apps with millions of users. To address this, Samsung is considering collaborating with South Korea’s top five banks – KB Kookmin, Woori, Shinhan, Hana, and digital-first K Bank – to develop a mobile banking super app based on Monimo.
But what exactly is a “super app”? A super app integrates multiple services and functions into one platform, offering users a convenient one-stop solution. These services can range from messaging and social media to payment transactions, food ordering, transportation booking, e-commerce shopping, and more. Super apps have gained popularity in Asia with examples like WeChat in China and Gojek in Indonesia reshaping user behavior and digital ecosystems.
Speaking of WeChat, this multifaceted app developed by Tencent has evolved into a super app since its launch in 2011. Users can do everything from sending messages to making voice or video calls and even sharing images and videos on their personal timelines. WeChat also offers mobile payments through WeChat Pay for seamless transactions like bill payments, money transfers, and online purchases.
Beyond messaging and payments, WeChat serves as a hub for third-party services like ride-hailing, food delivery, travel booking, e-commerce shopping, and more. The app even features mini-programs within its ecosystem for easy access to various services without needing separate apps.
With its comprehensive features blending social networking with commercial and financial functionalities seamlessly into one platform, WeChat has become an indispensable part of daily life for many users in China. And now Samsung aims to follow suit by introducing their own super app for mobile banking – an exciting development that could revolutionize the digital landscape!
