PAYMENTS
These super wallets offer a range of services beyond simple payments , including social networking , ridehailing , food delivery , and even financial products like loans and investments .
The perks for consumers are clear : a single app can handle most of their daily needs , from ordering groceries to splitting bills with friends .
Candela elaborates on the potential of super wallets : “ Super Wallets enable users to manage , transact , and invest in diverse avenues through a secure virtual infrastructure , and are another example of payment services becoming personalised , digital and embedded into our daily lives .”
However , the rise of super wallets faces several barriers outside of China . Regulatory concerns , particularly around data privacy and financial oversight , pose significant challenges .
In the European Union , for instance , strict data protection laws may limit the ability of companies to create allencompassing platforms .
Nicholas Holt of Marqeta explains : “ The uptake of Super Wallets elsewhere will depend on each market ’ s data privacy and ownership laws .
“ Essentially , how new applications look in each country may vary , but the undeniable trend of providers innovating quickly to provide customers with the breadth of services they desire is taking place on a global scale .”
Despite these challenges , the potential benefits of super wallets are driving innovation in this space .
Candela reveals : “ Ant International has developed the Alipay + Mini Program
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Ant Group Introduces 10 Asian E-Wallets to Chinese Mainland
88 December 2024