Much of Chinese society has come to depend on so-called super apps like WeChat to do multiple tasks, from making a medical appointment to hailing a taxi to getting a loan, all on one platform. But such one-stop shops have not taken off in the United States. Now, the time may finally be ripe — and the best contenders for super apps come from the fintech world, especially those platforms dedicated to cryptocurrency.
Cryptocurrency is quickly growing in popularity amid sky-high equity prices, record-low interest rates and fear of inflation on the horizon, and they could, perhaps, gain more legitimacy if the U.S. government decides to fully regulate them, a topic Congress is currently exploring.
Dedicated crypto platforms like Coinbase or even Paypal, Venmo and Stripe, which recently added abilities to use crypto for payments, could evolve into the U.S. versions of super apps, assuming crypto issuers can work with regulators to find a middle ground between protecting the consumer and creating new financial and investment opportunities. If consumers see crypto as secure and legitimate — and easy to use — it could become the base of super apps.