What are Banking Super Apps? How They Are Transforming Banking System In India?

A banking super-app is one that combines a number of services on a single platform, such as payments, online shopping, bill payments, recharges, investment, loans, and fund transfer. India has become an ultra-competitive market in the super-app arena, with homegrown corporations such as Reliance and Tata trying to become huge tech-focused ecosystems.

1. SBI YONO

SBI YONO stands for "You Only Need One." It is a project by the bank to connect all of its joint venture's customers via digital technology such as the dedicated "YONO Mobile App" and the "YONO Website." Is is designed to bring to all the services offered by the bank under one roof/app and provide convenience to its customers. 
 
 Only SBI bank account holder can use the YONO app. SBI Customers may integrate all of their products and services from their bank account such as SBI Mutual Fund, SBI Card, SBI General Insurance, SBI Life Insurance, and SBI Securities using the YONO App and website.

2. PayTM

In this peer group, Paytm is only a payments bank that has a wide reach customer of their app. Paytm has user bases of around 333 million retail customers and over 21 million merchants who use its services, which include payment, cloud, commerce, and financial services. Its two-sided - consumer and merchant - ecosystem facilitates commerce and financial services access by harnessing technology to better customers' lives and assist merchants develop their enterprises. 

Paytm payment bank is a super bank app with a strong backing of its fintech app's digital products for its customers . By the end of financial year 2021-22, Paytm could launch launch its advanced super app by and is expected to add 2,000-3,000 app developers to its mini-app store cum banking super app by then.

3. BOB World

The state-of-the-art, feature-rich mobile banking app from Bank of Baroda is known as bob World. From simple balance inquiries to cardless cash withdrawals, this app puts 190+ banking services at your fingertips. The bob World mobile app has been designed to provide you with a frictionless and hassle-free experience. The application divides over 220 services across four pillars: Save, Invest, Borrow, and Shop.

bob World is new addition in the peer group with updated identity. It offers digital services to bank customers digitally, 24 hours a day, anywhere in the world. With bob World, customers have a full range of digital products and services, including account management, lending, and payments.

4. HDFC PayZapp

PayZapp from HDFC Bank is a complete payment and digital financial solution that allows the customers to pay with only one click at the app. PayZapp allows customers to shop on their phone at partner apps, groceries, buy movie tickets, shop online at SmartBuy and get great discounts, book or compare flight tickets and hotels, send money to anyone on your contact list or your bank account, pay bills at a snap, and recharge your mobile, DTH, and data card, among other things. You can use PayZapp to link your debit and credit cards from any bank and experience the most simple and secure payment method available.

Upcoming Super Apps

Tata, Reliance, TechMahindra, Ola and various other non banking organization are also working on their Super App by integrating various services offered by them under one app. There are various other business who are also in the process of launching their Super App by the end of 2022.