![]() ![]() To date, super apps don’t really exist in the US-but they’re dominant in China. They’re enclosed experiences that make it easy to accomplish a wide variety of tasks-as long as the tasks occur within the walled garden. Just selling a lot of different types of products and services on a mobile app does not make an app a super app. While hardly a household term in the US-yet-the “super app” concept is often misused and misunderstood. The super app opportunity includes integrating Walmart’s: 1) Shopify marketplace 2) Connect ad platform 3) health centers 4) existing investments in eCommerce, logistics, supply chain, and inventory management and 5) other product and services not currently affiliated with Walmart. ![]() Walmart’s super app opportunity is a lot bigger than just integrating and digitizing its financial services business or deploying its Connect concept, which will be a self-service advertising platform for Walmart partners to manage digital ad campaigns. ![]() “When Walmart reported its Q4 2020 earnings, CEO Doug McMillon described a very different ‘super’ concept at the center of Walmart’s future: the ‘super app.’ He may not have used those two words, but the Connect concept is the super app notion to a tee.” Karen Webster wrote this about the “supercenter:” Walmart’s fintech aspiration is a lot bigger than just creating a digital bank-it’s creating a true digital ecosystem in the form of a super app. Walmart probably made a similar pitch, telling the Goldman Sachs execs, “Congrats, you’ve built a digital bank-now come to Walmart and help us reinvent the economy.” The Coming Walmart Super App? I’m betting Walmart gave them the “ John Sculley speech.” Remember when Steve Jobs recruited Sculley away from Pepsi with the question “Do you want to sell sugar water for the rest of your life or come with me and change the world?” And now Walmart comes along and says “how would you like to do it all again, but this time with us?” You just spent the last five years helping Marcus grow to become a major player in the consumer finance space. Put yourself in Ismail and Stark’s shoes. It’s hard to believe that Walmart needed to hire Ismail and Stark away from Goldman Sachs just to repackage their existing financial services into a cohesive digital challenger bank-like offering.Īnd it’s hard to believe that Ismail and Stark would jump ship to do that. Read more of this story on the Talk Business & Politics website.Did Walmart Give Its New Hires the Steve Jobs-John Sculley Speech? consumers and through partnerships with other leading employers and merchants. As a standalone company and app, Walmart said that one would be available directly to U.S. employees and 100 million-plus weekly shoppers. The retailer said that the ONE app would be integrated inside Walmart’s physical and digital channels, offering options to its 1.6 million U.S. 18 earnings call that the fintech moves help consumers get paid early, spend, save, borrow and grow their money as ONE seeks to develop a super app once the deals close in the first half of this year. CEO John Furner told analysts during the Feb. “Our vision is clear: build on Even and One’s success to offer a product that offers consumers the best way to spend, the best way to access their wages and helps millions save and grow their money.” “Consumers everywhere are being left behind by the world of financial services,” Ismail said. The combined entity will have a workforce exceeding 200 people and have more than $250 million in cash on the balance sheet to advance growth, according to the Walmart release on Jan. ![]() Pending regulatory approval, all the startups will operate under the name ONE, with Omer Ismail as CEO. Last month, Walmart acquired the financial startup Even Responsible and One, a digital banking alternative founded in 2019 by Brian Hamilton. Walmart hired two Goldman Sachs execs to head up the new fintech venture named Hazel. Ribbit’s investment portfolio includes Credit Karma, Affirm and Robinhood. Walmart announced in January 2020 a strategic partnership with fintech investment firm Ribbit Capital to develop and offer affordable financial solutions. The retail giant has joined forces with several financial technology (fintech) startups with plans to create a “neobank” that will enable customers to manage money with lower fees. LITTLE ROCK (TB&P) - Walmart has made no secret of expanding financial services products to its shopper base. ![]()
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