SUMMER INTERNSHIP PROGRAM 2023

A FINAL REPORT
ON
“STUDY ON SUPER APPS- CHALLENGES, ADVANTAGES
& WAY FORWARD’’
By
XYZ
(22BSP2565)

NAME OF THE ORGANIZATION:

NETWORK PEOPLE SERVICES TECHNOLOGIES LIMITED

1
 A FINAL REPORT

ON

“STUDY ON SUPER APPS- CHALLENGES, ADVANTAGES &

WAY FORWARD”
BY

XYZ

“A report submitted in partial fulfillment of the

requirement of PGPM Program of IBS Mumbai”

SUBMITTED TO:

FACULTY GUIDE COMPANY GUIDE

Prof. Dharmendra Makwani

2
 TABLE OF CONTENTS

S. Topic Page
no. no.
I Authorization 4
II Acknowledgement 5
III Abstract 6
1 Introduction 7
1.1 - Industry Overview 8
1.2 - Company Overview 10
1.3 - Journey & products offered 12
1.4 - SWOT Analysis 17
2 Evolvement/Need of apps 20
3 What is Super app? 22
Key elements of Super app 25
4 Examples of Super app 27
5 Challenges of Super app 35
6 Advantages of Super app 39
7 Future of Super apps 44
8 Conclusion & Learning 49
9 Work Done 52
10 References 57
11 Glossary 58

3
 AUTHORIZATION

I hereby declare that this project report entitled “STUDY ON SUPER

APPS- CHALLENGES, ADVANTAGES & WAY FORWARD”, is a
record of original work done by me. The results/facts in this report have
not been submitted to any other institute or university for the award of
any degree or diploma.

The findings and conclusions of this report are based on my personal

study and experience and are conducted under the guidance of
Mr. Vaibhav Sharda, Assistant Vice President at XYZ Limited.

This report is submitted in fulfillment of the requirements of PGPM

Programme of IBS Mumbai.

Sincerely,
XYZ

4
 ACKNOWLEDGEMENT

I express my heartfelt gratitude to the management of Network People

Services Technologies Limited, Thane & Mr. Deepak Chand Thakur
(Co-founder & CMD) for giving me this opportunity as a part of my
Summer Internship Programme to have a glimpse of how the fintech
industry works and how digital payments play a big role in our
ecosystem.

I would like to take the opportunity to thank and express my deep sense
of gratitude to Mr. (Assistant Vice President, XYZ
Limited) for guiding me about the functioning of financial sector and
sharing his knowledge with me despite his busy schedule and work
responsibilities.

I am greatly indebted to Prof. Dharmendra Makwani (Faculty

member of IBS Mumbai) who has always been a constant support and
guide and has always guided me in the right direction by providing me
regular feedbacks.

Last but not the least, I would like to thank all the people who were
directly or indirectly associated with me during my internship tenure

5
 ABSTRACT

The objective of this internship was to learn about how a fintech

company functions and complete all the tasks assigned in an efficient
manner. It also included learning to face challenges that come along with
work and resolving them.

During my internship, I learned regarding lead generation, how a basic

financial model is made, made peer comparisons and analyzed ratios and
financial statements of peers. I also gained in depth knowledge about
digital payments and their importance in the financial ecosystem. Also
since the company plans to launch its UPI-based app overseas, I also
worked on gathering details of key personnel of companies situated
there. The purpose of this was to gather funding and find sponsors for
the launch of the app.

This report focuses on understanding one of the fintech applications i.e.

Super-app. It includes comprehending the role of super apps in the
fintech industry and understand the challenges and advantages that a
super app offers. It also makes an attempt to reflect the future of super
app and how it will bring about a revolution and be a disruptor in the
industry.

Overall, the report provides valuable insights into the world of fintech
and how fintech instruments play an important role in the financial
ecosystem.

6
 CHAPTER - 1
INTRODUCTION

7
 1.1 - INDUSTRY OVERVIEW

Fintech refers to making the use of technology to provide financial

services and is a combination of finance and technology. The Fintech
industry is growing at a rapid pace in India over the last few years. This
is owed to increasing number of fintech startups that are entering the
market and current established players that are expanding their business
and also the number of apps and their usage has increased exponentially.

India faced demonetization in the year 2016 followed by Covid-19 that

took place in 2020. This had a major impact on the digital payment
space.

Some of the key areas of fintech in India include digital payments, online
lending, personal finance management, and insurance. The government
of India has been supportive of the fintech industry, introducing policies
and initiatives to encourage innovation and growth.

Some of the notable players in the Indian fintech industry include Paytm,
PhonePe, Google Pay, MobiKwik, PolicyBazaar, Zerodha, and
Razorpay. These companies have attracted significant investment from
both domestic and international investors, highlighting the potential for
growth in the Indian fintech market.

Overall, the fintech industry in India is poised for continued growth,

driven by a combination of government support, market demand, and
innovation. As more Indians come online and adopt digital financial
services, the opportunities for fintech companies in India will continue to
expand.

8
 Government initiatives that contributed to fintech growth:

 Jan Dhan Yojana: The world’s largest financial inclusion initiative, “Jan
Dhan Yojna”, has helped in new bank account enrolment of over 450 Mn
beneficiaries for direct benefits transfer and accessibility to a host of
financial services applications such as remittances, credit, insurance, and
pensions.
This has enabled FinTech players to build technology products to penetrate
the large consumer-base in India.
 UPI (Unified Payments Interface): It is an advanced mobile app-
based payment system to transfer funds between bank accounts
developed by the National Payments Corporation of India in 2016, is
the multiplier force behind the Fintech revolution in India.

UPI, with over 338 banks registered under the platform, recorded more
than 6.28 billion transactions in July 2022 worth 10.62 lakh crore.

 Digital Rupee: India launched its Central Bank Digital Currency

(CBDC) or digital rupee or e-rupee recently. It is an electronic version
of cash and will primarily accelerate the growth of the Fintech market in
India.

9
 1.2 - COMPANY OVERVIEW

Network People Services Technologies Ltd. (XYZ) is a banking technology

service provider (TSP) and is engaged in providing software and mobility
solutions to the banking and finance sector primarily focusing on mobile
banking applications, digital transaction solutions such as IMPS, UPI, digital
wallet, etc. and smart transaction solutions. It is equipped to provide end-to-
end services related to payment platforms including mobile banking
solutions.

XYZ Limited was formed in 2013 & started as a service aggregation

platform by providing aadhar card services in collaboration with the
government. XYZ got listed in August 2021 on NSE under the SME
category.

It is a payment solutions service provider. It also provides digital payment

solutions to merchants. It has various platforms to provide services to its
clients. They majorly focus on UPI based payments and capture nearly 8%
UPI transactions market in the Indian market.

With a mission to create the largest network of technology-enabled

merchants/users, the Company has developed a digital ecosystem for the
cashless economy through a flagship application named and styled as
TimePay®. The company is also registered as a Third-Party Application
Provider (TPAP) facilitating UPI payment services through TimePay. In this
regard, it has entered into a Tripartite Agreement dated February 05, 2020,
with the National Payment Corporation of India, The Cosmos Co-operative
Bank Limited for Merchant PSP and Sponsoring company payment handle
styled as '@TimeCosmos'. Under this mobile application, XYZ has created a
digital ecosystem to include society management and merchant digitization,
providing digital technology to large, medium and micro setups to transact
and operate seamlessly in the financial value chain.

The two major arms of XYZ comprise of: TSP & TPAP
10
 IMPS
TSP
UPI

MBS

WALLETS

QYNX
XYZ

SUPERAPPS
EVOK
TIMEPAY BIZZ
TIMEPAY APP
TPAP

A) Technology Service Provider (TSP)- This aims at providing

digital payment services to banks & financial institutions which include
services like Mobile Banking, IMPS, BHIM UPI and Wallet platform.
Banks are their area of specialization and the company provides them end-
to-end software & mobility solutions.

B) Third party Payment Application Provider (TPAP)- XYZ

has got approval from NPCI to provide TPAP solutions. This approval
was given by NPCI to 23 companies and they are now known as TPAP
holders. This facet deals with providing solutions to merchants & payment
aggregators to transact and operate seamlessly in the digital ecosystem. It
also covers providing services to Housing societies, Commercial complex,
Offline merchants & similar entities requiring digital platform.

11
 1.3 – JOURNEY & PRODUCTS OFFERED

Journey:

Exhibit 1: Journey of XYZ

Source: XYZ deck

Products offered:

12
 TSP vertical comprises of the following products:

Exhibit 2- Payment products

Source- Google images

1) IMPS switch- Mobile/Web/Internet/Banking/Branch

Banking/ATM/Business correspondence
2) UPI switch- Scan & Pay, UPI Lite, Signed QR, BBPS, AutoPay
3) MBS- develops mobile banking app wherein it aggregates services by
integrating API’s.
4) Wallet- provides e-wallets to merchants.
5) Qynx- (Merchant switch for Banks & Fintech) This solution provides end-
to-end product stack to digitize your merchant network & increase
revenue potential through digital offerings. It includes providing merchant
app, merchant portal and sound box.
6) Super App- This is an integrated mobile app that aims to provide seamless
user experience with all the banking & transactional services merged
under one app especially when 5G is being rolled out.

TPAP vertical comprises of the following products:

13
 Exhibit 3- Products offered by XYZ
Source- XYZ website

1) Evok- It is a modern payment platform built on the company’s API

(Application Programming Interface) based framework. It is an UPI API
engine. It is an API based payment platform empowering businesses with
real-time transactions.

2) Timepay Bizz- This is a merchant app which helps them to manage

business via digital transactions and they can track all their transactions
easily. This includes the below services:
 My Business Dashboard
 Bank Statement
 Static and Dynamic QR
 Reconciliation
 Manage complaints
 Connect Sound box
 Request Money

3) TimePay application- housing societies wherein it records expenses and

Income in the society account.
TimePay UPI app will soon be launched.

Apart from these two verticals, the company also offers the service of
14
Serve Seva Kendra (SSK) which is a digital Service Delivery Platform
with a single window for all services. This has given opportunities to rural
entrepreneurs to start their own business where citizens can avail multiple
online services.

SSK includes the following services:

 Banking
 Loans
 G2C
 Education
 Healthcare
 Insurance
 BBPS
 Investment etc.

Key clientele
15
 & many more.
Exhibit 4- Key clients
Source- XYZ website

XYZ TPAP competitors

& many more.

Exhibit 5- TPAP competitors

Source- Google images

1.4 - SWOT Analysis of XYZ Ltd

16
 • Agility
• Innovative technology
Exhibi • Diversified Product Portfolio

• Security risk
• Limited financial history
Weakness • Limited market share

• Growth potential
Opportunities
• International expansion

• Entry of new firms

• Economic conditions
Threats

Exhibit 6- SWOT analysis

17
Strengths
 Agility – XYZ unlike traditional financial institutions is agile as it
adapts to changes in customer preferences and market quickly.
 Innovative technology – The company has advanced technology
and leverages it to provide its services efficiently. Also, the
company has a team of efficient developers who make use of the
latest technology to provide best quality services.
 Diversified product portfolio – The company offers a wide range
of products & services including payment processing solutions,
banking solutions, wallet-based solutions and SSK (Serve Seva
Kendra) portal services. This helps the company to mitigate risks
and adapt to changing market conditions.

Weakness
 Security risks – Financial transactions & data are high sensitive
and the company may be vulnerable to cyber security risks
which could lead to security issues.
 Limited financial history – XYZ Limited came into existence
few years back and though it has performed well in last few years,
it has a small financial history making it difficult for people to
trust the company.
 Limited market share – Despite the innovative technology &
diversified portfolio, the company has a limited market share
compared to its competitors.

18
Opportunities
 Growth potential – Fintech is a rapidly growing sector and
XYZ has significant growth opportunities and more and
more people are embracing digital financial services and
opting for digital payments. Also, new initiatives are taken
by the government by introducing the following:

- Central Bank Digital Currency (CBDC) introduced by RBI

wherein e-rupee will be introduced & is expected to offer
numerous benefits like reduced dependency on cash, reduced
settlement risk etc.

-Open Network for Digital Commerce (ONDC) is

established by the Department for Promotion of Industry &
Internal Trade of Government of India that aims at
promoting open networks for all aspects of exchange of
goods and services over digital or electronic networks.

 International expansion – XYZ soon plans to launch its

UPI-based application named ‘TimePay’ in national as well
as international market which is a huge opportunity for the
company to scale and grow its business.

Threats
 Entry of new Firms – The Company also faces intense
competition every now and then as new firms are entering
the fintech market including foreign firms which has made
difficult for the small firms to run their business.
 Economic conditions – The Company’s financial
performance is impacted by the changes in economic
conditions. A downturn in the economy would lead to
reduction in demand and thereby profitability.

19
 CHAPTER - 2

EVOLUTION OF APPS

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Mobile apps have become an essential part of our lives providing us an
app for all our mundane to important needs; from booking a cab, ordering
food, gaming, purchasing clothing, to staying connected with loved ones
on the other side of the globe. We almost spend 80% of our time on our
mobile apps. However, how did this technology evolve?

Below is a snapshot of the evolution of app development:

IBM introduces SIMON. A touchscreen smartphone with built-in apps and

1993 email feature.

2002 RIM releases first BLACKBERRY ever that supported wireless email.

Apple releases the first ever iPhone which only supported its default
2007 mobile apps.

2008 Apple launched the App store with 552 apps & iPhone3G.

2009 Apple App Stores' Apps exceed 1 BILLION mark in downloads.

Apple rolls out its first iPAD with 3000 apps available. Blackberry
2010 World was released which is an application distribution service.

The word 'APP' was honoured as 2010's 'Word of the Year'. Amazon
2011 for Andriod was built. Apple releases iPhone 4S.
Google changes the name of App market to GOOGLE PLAY.
2012 Google Play app downloads cross 15 BILLION.
App Stores witnessed a record app download of 204 BILLION. Harmony
2019 OS is a new operating system launched by Huawei.

Exhibit 7- Evolution of apps

Source- appverticals.com

21
 CHAPTER - 3

WHAT IS SUPER APP?

KEY ELEMENTS OF SUPER APP

22
Exhibit 8- Features of super app
Source- Google images

A super app is a mobile application that offers a variety of services to its

users, often including messages, social networking, e-commerce and
financial services. Super apps typically serve as a one-stop-shop for all
the daily needs of their users, with the goal of reducing the need to switch
between multiple apps to accomplish different tasks.

Imagine a single app that allows you to shop for groceries, pay your rent,
review work documents, refill prescriptions, book a trip, and chat with
friends, interest groups, and businesses — that’s a super app. They have a
broad scope and can include features such as banking services, e-
commerce, BBPS, cab services, groceries delivery, flight booking etc.

Super apps are trending because users demand mobile-first experiences

that are powerful and easy to use. It’s an all-in-one solution for multiple
daily needs & a portal where users can activate or remove mini apps from
the super app interface.

23
Exhibit 9-Superapp downloads distribution.
Source- Google playstore

Exhibit 10- Online sales in India 2022

Source- Google
Key elements of super app:
24
The features of a super app may vary depending on the specific app, but
some common features include:

1. E-commerce: Super apps may also offer e-commerce features, such as

online shopping, food ordering, and grocery delivery, allowing users to
buy products and services from within the app.

2. Financial services: Super apps may also offer financial services such
as mobile payments, money transfer, and investment management.

3. Transportation: Many super apps provide transportation services such

as ride-hailing, bike-sharing, and car-sharing.

4. Lifestyle services: Super apps may offer a range of lifestyle services

such as booking travel, hotel reservations, and event tickets.

5. Messaging and social networking: Super apps often offer messaging

and social networking features to allow users to communicate with
friends, family, and colleagues within the app.

6. Loyalty programs: Super apps may offer loyalty programs to reward

users for their engagement and usage of the app, incentivizing users to
continue using the app and providing repeat business.

7. Personalization: Super apps often use AI and data analytics to

personalize the user experience and provide tailored recommendations
based on user behavior and preferences.

8. Security and privacy: Super apps prioritize user privacy and security,
25
 providing robust security features such as two-factor authentication,
encryption, and fraud protection.

Overall, super apps aim to offer a comprehensive and convenient digital

experience, providing users with a variety of services to meet their daily
needs and challenges within a single platform.

Exhibit 11-Rise of super apps.

Source- Google images

26
 CHAPTER - 4

EXAMPLES OF SUPER APP

Examples of Super app

27
 Canara ai1 (Banking)

Amazon (e-commerce)

Paytm (Financial services)

Goibibo (Travel)

My Jio (Telecom)

1) Canara ai1 –
Canara Bank launched their banking super app in July 2022
28
 named “Canara ai1” which stands for ‘Canara all in one’ app. It is a one-
stop solution having over 250 features fulfilling all banking needs of
customers. It has advanced features such as intuitive UI & UX having
multiple themes, customizable menus/dashboards & also offers dark
theme to improve visual ergonomics, reduce eye strain, adjust brightness
to current lighting conditions and facilitate screen usage in dark
environments – all while conserving battery power.
The app is available in 11 languages & provides services like
UPI payments, utility bill payments, mutual funds, insurance,
flight/hotel/cab bookings, schemes like PPF account, Sukanya Samruddhi
account, Kisan Vikas Patra, PMJJBY, PMSBY etc. The app is made &
designed by XYZ Limited.

Exhibit 12-Canara logo & user interface of PMJJBY- Pradhan Mantri Jeevan Jyoti Bima Yojana
app PMSBY- Pradhan Mantri Suraksha Bima Yojana
Source- Google images

2) Amazon India –
Amazon launched its app in India in 2013 & became a competitor
to retailers like Flipkart & Snapdeal. In couple of years, it launched
29
 Amazon Pay which included services such as utility bill payments,
flight/train/bus bookings, groceries, insurance, food delivery, investment
options etc. It also introduced an Amazon Pay Wallet wherein one could
transfer money from his/her account and use it while making purchases.

They also offer various offers & discounts at regular intervals.

Amazon Pay is registered with NPCI as a TPAP (Third Party payment
Application Provider) holder & thus provides UPI services to its clients.
This enables a user to send money to any mobile number, Scan any QR
code and pay. Thus, it stood in competition with players like G-Pay,
Paytm etc.

Exhibit 13- Amazon Pay user interface

Source- Google images & amazon app

3) Paytm–

Paytm started as a prepaid mobile and DTH (direct-to-home)

30
 recharge service in 2010 and added data card, post-paid mobile and
landline bill payments in 2013. Paytm wallet was launched & by 2015, it
entered the e-commerce space with online deals and added educational
fees, metro recharges, utility bill payments, movies, flight bookings,
events etc to its app.

It is a payments bank now and provides UPI services. It started

providing Paytm QR services, Paytm for businesses, UPI transactions etc.
It is the first indian super app to offer more than 200 services. It is
considered as the OG Fintech Super app and one of the finest apps in
India.

Exhibit 14- Features of Paytm app

Source- Inc42

4) Goibibo–
Ibibo group is a part of Make My Trip Group and started as a
social networking service in 2007 and later became an e-commerce &
31
 travel organisation in 2009 in the name of Goibibo. It is India’s largest
hotel aggregator & also one of the leading air aggregator. It offers services
like Flight/Train/Bus booking, hotel booking, holiday booking etc. It also
has a feature of ‘BookMyForex’ wherein one can buy or sell foreign
currency or transfer money abroad from India at live exchange rate.

It is World’s first and largest online foreign exchange market

place- BookMyForex. Goibibo is a TPAP approved by NPCI with ICICI
Bank as its PSP Bank and can be used make UPI payments. It also has its
own in-house wallet service.

Exhibit 15 - User interface of Goibibo app

Source- Google images & goibibo app

5) My Jio–
JIO stands for Joint Implementation Opportunities and was
32
 launched in 2016 with the tagline ‘Jio jee bharke’ by Reliance Retail
Limited (RRL), a wholly owned subsidiary of Reliance Industries Limited
(RIL). In 2019, they launched an interactive in-app assistant called Jio
Saarthi. The digital assistant is voice-based and promises to provide
seamless digital experience and guide users while they are opting for
recharge. This is the first-of-its-kind initiative, offering a simplistic way
for customers to make recharges in Jio app.

Reliance Jio was the first network to provide 4G LTE and VoLTE
services. Instead of emphasizing voice, SMS, Reliance Jio Infocom Ltd
focused on high-speed internet. It provides services like UPI, shopping,
jobs, games, entertainment, access to JioMart, JioCinema, JioNews,
JioSaavn etc.

Exhibit 16- Features of Jio app

Source- Inc42

Other super apps available in the market:

33
Exhibit 17-Other supper apps
Source- Inc42

34
 CHAPTER - 5

CHALLENGES OF SUPER APP

A) COMPANY’S PERSPECTIVE:

1) Applying a single consistent security approach within a diversified

super app:
35
 It is extremely difficult to secure super apps using a single security model
as developers and security experts are tasked with managing sophisticated
compatibility matrices by matching protection solutions with source codes
and third-party elements within the app.

2) Invalid Traffic (IVT) and account takeovers (ATOs):

These occur in the event hackers learn the users’ mobile applications or
program functions. They craft attacks like clones and Trojans to execute
anything malicious such as Invalid Traffic (IVT) from malign bots as well
as account takeovers (ATOs). More importantly, super apps have way
more extensions of attack compared with standalone apps. A bad actor
needs only to affix itself to one part of the super app, and then interfere,
collect information, or even attack that particular section of the app.

3) Ensuring seamless integration of multiple services:

A super app must provide a seamless user experience, even when
integrating multiple third-party services. This requires careful
coordination between different service providers and a robust
infrastructure.

4) Managing a large ecosystem of partners and stakeholders:

Super apps involve partnerships with multiple third-party service
providers, and managing these relationships can be complex. There may
be issues related to revenue sharing, data sharing, and service quality.

5) Keeping up with evolving user expectations:

Super apps must continually adapt to changing user needs and
preferences. This requires a deep understanding of user behavior and a
willingness to experiment with new features and services.

6) Meeting regulatory requirements:

36
 Super apps are subject to various regulations, including data privacy laws,
financial regulations, and consumer protection laws. Compliance with
these regulations can be a significant challenge, particularly in different
regions with varying regulatory requirements.

Overall, while super apps offer many benefits, they require careful
planning, management, and execution to succeed in a competitive
marketplace.

B) CUSTOMER’S PERSPECTIVE:
1) Performance problem:
Super app may sometimes have performance issues as it is an integration
of various API’s that include third-party services. This leads to slow &
clunky processing in the app and can cause delays to the users.
37
2) Consumer perception:
Consumers have always had a habit or mind-set of using traditional
platforms/apps for services required by them. For eg- A costumer who
wants to book a movie, he may directly open BookMyShow app rather
than going on Amazon pay app or via Paytm app.

3) Lack of Focus:
Super apps may suffer from a lack of focus due to offering so many
features and services. This can result in a poor user experience, as users
may find it difficult to navigate the app & find what they are looking for.

4) Privacy Concerns:
Super apps often collect a large amount of user data, which can be a
privacy concern. Users may not be aware of how their data is being used,
and this can lead to issues with data breaches and misuse of personal
information.
5) User Lock-in:
Super apps may make it difficult for users to switch to other apps or
services, as they may become dependent on the app for multiple services.
This can result in users being locked into the app, which can limit their
choices and options.
6) Dependence on a single app:
Customers may become dependent on a single super app for multiple
services, making it difficult for them to switch to other apps or services if
they are dissatisfied with the app. This can limit their options and make
them feel trapped in the app.

38
 CHAPTER - 6

ADVANTAGES OF SUPER APP

A) COMPANY’S PERSPECTIVE:

39
 Increased Cross-selling &
Convenience
engagement Upselling

Diversified
Brand
revenue Data insights
recognition
streams

1) Convenience:
Super apps offer a wide range of services and features within a single
platform, making it more convenient for users to access these services.
This eliminates the need for users to download and use multiple apps,
saving them time and effort.

2) Increased engagement:
Super apps can help increase engagement among users, as they provide a
variety of services and features that can keep users coming back to the
app. This can also help increase loyalty and retention among users. Thus,
it helps in retaining customer stickiness.

3) Cross-selling and upselling:

Super apps allow businesses to cross-sell and upsell their products or
services to customers by offering related or complementary services
40
 within the same platform. This can help businesses increase their revenue
and improve their overall profitability.

4) Diversified revenue streams:

Super app companies can generate revenue from multiple sources by
offering a wide range of services and features within their platform. This
can help mitigate risks and create more stable revenue streams.

5) Data insights:
Super app companies can collect and analyze a large amount of data from
multiple sources within their platform, providing valuable insights into
user behavior and preferences. This can help the company make informed
decisions and improve its services.

6) Brand recognition:
Super app companies can establish strong brand recognition by offering a
wide range of services and features within a single platform. This can
help the company build trust and loyalty among users and businesses.

Overall, super app companies can benefit from the advantages offered by
their platforms, including diversified revenue streams, strong network
effects, competitive advantage, data insights, and brand recognition.
These advantages can help super app companies become successful and
thrive in the market.

B) CUSTOMER’S PERSPECTIVE:

41
 Seamless
Cost-effective Personalization
integration

Loyalty points Reduction in

Enhanced UX
& rewards occupied space

1) Cost-effective:
Super apps often offer services at a lower cost than if users were to access
them through separate apps or providers. This can save users money in
the long run and make it more affordable to access a wide range of
services.

2) Seamless integration:
Super apps offer seamless integration between different services and
features, making it easier for users to switch between them. This can lead
to a better overall user experience and make it easier for users to
accomplish tasks.

3) Personalization:
Super apps can use data from different services to offer personalized
42
 recommendations and suggestions to users. This can enhance the user
experience and make it more tailored to individual needs and preferences.

4) Loyalty points & rewards:

Most super apps provide multiple cash backs and rewards/loyalty points
which the user can utilize to make other booking/payments within the
same app for another service seamlessly.

5) Enhanced User Experience:

Super apps can provide consumers with an enhanced user experience by
providing a single platform that caters to all their needs. The app can be
designed with intuitive and user-friendly features that make it easy for
consumers to navigate and use.

6) Reduction in occupied storage space:

Super app offers multiple services on a single platform thereby reducing
the need to download separate apps for each service. Thus, the storage
space consumed on one’s smart device is very less compared to
maintaining separate apps.

Overall, super apps offer several advantages for consumers, including

convenience, cost-effectiveness, personalization, enhanced user
experience, and accessibility. These advantages can make it easier for
consumers to manage their daily lives and improve their overall quality of
life.

43
 CHAPTER - 7

FUTURE OF SUPER APPS

For Indian customers, having several ‘options’ and ‘choices’ is a must.

There is little in the way of brand loyalty. A buyer may drop her favourite
44
brands in favour of similar quality at a more affordable price point, and
there is also an increasing trend of researching before buying.

“The super app market in the country is growing exponentially. Notably,

India is a price-sensitive market and not brand-sensitive. So, to be sold,
any new service needs to be hypercompetitive. This means that a startup
needs to hyper-optimise its prices to sell multiple products under its
roof,” banking super app Mewt’s cofounder Rishabh Jain said.

ProcessIT Global founder and CEO Arindam Mitra also believes that the
growing number of Indian smartphone users opt for choice over brand
loyalty. “The country already has established leaders for different product
categories, and comparing prices across platforms and ensuring they get
the best deal is in their (consumers’) DNA, which is a setback for super
apps,” he said.

Customers compare prices across various platforms, apps and websites to

get the best possible deal on a product they wish to buy. It is tricky for a
single platform to deliver a range of choices and offer the best possible
deal on every product or service. Thus, super apps might be more of a
novelty than a go-to.
However, despite hosting several consumer-facing services, platforms
such as Reliance’s Jio and e-commerce giants Amazon and Flipkart have
rarely marketed themselves as super apps.

Besides, they have successfully attracted audiences only for specific

categories such as ecommerce, entertainment, e-pharmacy and grocery
delivery, among others. These super apps are not yet the ‘everything for
everybody’ platforms – the unmistakable trademark of a successful super
app.

The super app ecosystem is uncharted territory for the Indian consumer
internet startups and conglomerates and will pose many challenges for the
45
 players. However, with the increasing focus and competition in the space,
it seems to be just a matter of time before at least one super app cracks
the code for success.

The future of super apps is likely to be shaped by continued innovation

and expansion into new markets and services. Here are some possible
trends and developments that could shape the future of super apps:

1) Increased focus on digital payments:

Super apps are likely to continue to expand their payment services,
making it easier for users to make transactions and manage their finances
within the app.

2) Integration with emerging technologies:

Super apps are likely to integrate with emerging technologies such as
artificial intelligence (AI), machine learning, and the Internet of Things
(IoT), to offer more personalized and context-aware services.

3) Expansion into new markets:

Super apps are likely to expand into new markets, including emerging
markets, where there is a growing demand for digital services.

4) Collaboration with other businesses:

Super apps are likely to collaborate with other businesses to offer a wider
range of services within the app, such as food delivery, transportation,
and entertainment.

5) Focus on sustainability and social responsibility:

Super apps are likely to focus on sustainability and social responsibility
46
by offering more eco-friendly services and supporting social causes.

Most developing economies are rapidly turning mobile-first and

smartphones have limited storage and memory. Super apps are resilient
and made in such a way that even if one service crashes, rest of the
services work seamlessly without causing any delay or trouble to the
customer.

Overall, the future of super apps is likely to be shaped by continued

innovation and expansion into new markets and services. As technology
continues to evolve, super apps are likely to play an increasingly
important role in shaping the digital landscape and transforming the way
we live and work.

47
 SuperApp downloads over the last 3 years (M)

600

500

400

300

200
2020
100 2021
2022
0
G-pay Flipkart Paytm Jio Zee 5

2022 2021 2020

Exhibit 18-Super app downloads in last 3 years

Source- Google play store

48
 CHAPTER - 8

CONCLUSION & LEARNING

 In conclusion, creating a super app is a difficult and complex

process that calls for careful planning, execution and on-going
improvement. To create a seamless user experience, the super app
concept involves integrating numerous functionalities and
49
 services into a single platform to provide seamless user experience.

 To ensure the success of a super app, it is important to have a robust

technology infrastructure that can handle high volumes of traffic and
transactions. Latest technology needs to be incorporated to develop
a scalable and reliable platform that can accommodate increasing
demand over time.
 The super app market is highly competitive, and to remain relevant,
it is important to focus on continuously improving the app's features
and functionality. The company should receive feedback from users,
and use it to improve the app's user experience continually.
 Overall, the development of a super app requires a significant
investment of time, resources, and effort. However, the potential
benefits in terms of user acquisition, retention, and revenue growth
are immense. With the right strategy and execution, a super app can
become a leading player in the digital ecosystem, offering users a
comprehensive suite of services, all in one convenient location.

 At XYZ, we learned basics of fintech industry and about different

types of fintech instruments in the industry.

 We learned about various products that the company offers and how
each product helps the client to operate their business smoothly.

 At XYZ, we learned about concepts like TSP and TPAP and

various products like UPI, IMPS, MBS and Super app being
one of them.

 We were introduced to various fintech terminologies that are often

used in the fintech industry like PAPG (Payment Aggregator,
Payment Gateway), Merchants, Sub-merchants, API (Application
Programming Interface), UPI, MBS, IMPS, Wallet, MCC (Merchant
50
 Category Code) etc.

 We also discovered how the digital payments evolved in the country

and the role of RBI and NPCI in it. We also learnt about functioning
of the fintech companies and how they play an important role in the
financial ecosystem.

 We learnt about various stages of software development cycle. Until

now, we had only studied it in books, but during our internship, we
got a chance to understand as to how it works in real world.

 We also learned how important is the testing stage of the software

development cycle and the impact it can have on the success of the
product.

51
 CHAPTER - 9

WORK DONE AT XYZ

52
 Venture
Capitalists
data
Dubai Family
foreign Offices
exhanges data

Lead
generation
Dubai for XYZ
Dubai
Directory
Banks data
data

Portfolio
Manageme
Mutual
mt
Funds data
Services
(PMS)

Exhibit 19-Files on which work was done

 We worked on generating leads for the above files wherein we

found out contacts and email IDs of CXOs in order to contact
them. We did this as the company plans to launch its app in
domestic as well as international market and we would require
funding for the launch and will need sponsors for their own app
– ‘TimePay’.

 TimePay is a UPI based payment application that aims at

53
 seamless payments making the use of UPI.

 Some major CXO contacts in the files included contacts of:

 Chief Financial Officer
 Chief Technology Officer
 Chief Information Officer
 Managing Partner
 Fund Managers
 Investment Analysts
 VP’s , SVP’s and AVP’s

 To find contacts easily, we made accounts on Apollo and linked

it to our LinkedIn page so that emails and contacts are easily
accessible.

 I made a research report on ‘Network International’ which is

an IT service management company and provides technology-
enabled payment solutions to merchants and financial
institutions located in the Middle East and Africa.

 The purpose of making this research report was to study and

understand the payment solutions or products offered by them
and how are they different from our product offerings. Also,
what else can XYZ offer apart from its existing products or
services.

 As a part of the finance department, we learned to make

Projected Profit & Loss Statement for the upcoming year and
basics of financial modeling.

 We worked on making a format of Projected Profit & Loss

54
 Account for Financial Year 2023-24 of XYZ Limited, wherein
we entered projected figures of revenues and expenses
pertaining to upcoming year.

 We entered this data from an excel file into Google sheet and
formulated it wherever necessary in such a way that anybody
who has access to the file would be able to understand it easily
and draw insights out of the data presented.
 We made the format month-wise & branch-wise so that revenues &
cost-centres of each branch are clearly identified and understood.

 Worked on making TPAP data which included major TPAP

competitors like Google Pay, PhonePe, Mobikwik, Bajaj
Finserv etc.

 As most of the TPAP competitors are in the unlisted space, we

took CMIE access from the library and found out financial
statements on CMIE website.

 We then downloaded the annual financial statements and

entered all the data such as Revenues, Expenses, Share Capital,
Reserves & Surplus, Debt, Profit after tax etc. and computed
ratios such as:
 Current Ratio
 Return on Equity
 Debtors Turnover Ratio
 Creditors Turnover Ratio
 Return on Capital Employed
 Debt-Equity Ratio
 Inventory Turnover Ratio
 Return on Investment

55
 These ratios provide information on a company's ability to meet
short-term and long-term obligations, its ability to generate
profits, and its level of debt. We made this data on Google sheet
and shared it with our company guide.

 Worked on UAT testing of ‘TimePay’ app which is company’s

own app and that it plans to launch soon in near future. Worked
on approximately 200 test cases which included UPI registration
on the app, Payments, Payment history, Beneficiary related
options, Collect Requests, Scan & Pay etc.

 UAT stands for User Acceptance Testing. UAT is the final

stage of software development in which users and client test the
software in real-world conditions to access its functionality and
usability.

 It is used to get feedback from users who test the software and
its user interface (UI) before making it public. This provides an
opportunity to the company to identify and repair broken
features or issues, to increase robustness of the software and to
increase end-user happiness.

 Conducted a knowledge sharing session within the team and

gave a presentation on ‘Credit rating in India’.

56
 CHAPTER - 10

REFERENCES

https://www.ibef.org/

https://www.appverticals.com/blog/evolution-of-mobile-apps/
National Payments Corporation of India (NPCI) - Enabling digital payments in
India
XYZ – Innovation In Every Byte (XYZx.com)
https://pib.gov.in/Pressreleaseshare.aspx?PRID=1814143
https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?
UrlPage=&ID=1218#CP1

What Is User Acceptance Testing (UAT)? | Coursera

How India is becoming the land of rising Super Apps (yourstory.com)

CHAPTER - 11
57
 GLOSSARY

 API- It stands for Application Programming Interface. It is a

software intermediary that allows two applications to talk to each

other.

 TPAP- It stands for Third Party payment Application Provider. A

third-party payment is when a third-party service provider

processes payments for two parties.

 TSP- It stands for Technical Service Provider. This service is

provided mostly to banks.

 UAT- It stands for User Acceptance Testing. It is the last phase

of software development cycle and involves actual testing of the

software to make sure it can handle required tasks in real-world

scenarios.

 UI- User Interface refers to screens, buttons, icons and other

58
 visual elements that you interact with when using a software,

website or an app.

 UPI- United Payment Interface us an instant payment system

developed by National Payments Corporation of India (NPCI)

and was introduced in the year 2016.

 UX- User Experience refers to the entire interaction you have

with a product including how you feel about the interaction.

 NPCI- National Payments Corporation of India was an initiative

taken by Reserve Bank of India (RBI) & formed in the year 2008

to integrate all payment mechanisms in India. It prescribes rules,

regulations, guidelines & respective roles, responsibilities &

liabilities of fintech companies with respect to UPI.

59