01-04-2025
Rise of super apps: Can the UAE build its own WeChat for finance?
The global financial technology landscape is undergoing a significant transformation, with super apps emerging as powerful digital ecosystems that seamlessly integrate payments, banking, e-commerce, and mobility services. While China's WeChat Pay and Alipay have dominated this space in Asia, and GrabPay and GoTo have gained traction in Southeast Asia, the UAE is now positioning itself as a leading fintech hub with platforms such as Careem Pay, Noon Pay, and YAP leading innovation.
According to Chris Skinner, a global fintech expert and author of Digital Bank, said: 'A Super-App is an app ecosystem that allows everyone to put functionality onto the app, enriching its capabilities. The term has emerged from China, where WeChat became one of the first Super-Apps. it is one app to rule them all.'
As the UAE's fintech ecosystem evolves, the question arises: Can the country develop its own financial super app, on par with global giants like WeChat Pay?
With platforms like Careem Pay and Noon Pay making strides in financial technology, the UAE is on the path to creating an all-encompassing financial ecosystem. However, achieving the level of integration and market penetration that WeChat and Alipay have mastered requires a combination of technological innovation, regulatory alignment, and consumer adoption.
'Apart from many other features of WeChat, one of its key advantages is the widespread acceptance across various merchants and establishments in China and beyond. From small street vendors to large retailers, WeChat Pay has become a ubiquitous payment method, offering users a convenient and cashless way to transact. WeChat Pay also offers several features and functionalities to enhance the user experience and ensure security including fingerprint or facial recognition authentication, transaction notifications, and encryption technologies to protect users' financial information,' says Thibault Alcorani, Co-Founder and CEO at DFC Studio, China.
One of the leading contenders in the UAE's race towards a financial super app is Careem Pay, which is already reshaping digital payments and remittances in the region. Beyond remittances, Careem Pay is also integrating subscription-based financial benefits through Careem Plus, where users can enjoy zero-fee remittances and exclusive discounts on financial services.
While talking to BTR, Mohammad El Saadi, VP of Careem Pay, said the company's vision is to provide seamless financial solutions that integrate with users' daily lives. 'At Careem, we focus on solving our customers' biggest pain points by building products that simplify their daily life. We started with ride-hailing and expanded into food delivery, groceries, and payments, making Careem an 'Everything App'. With Careem Pay, we are taking this vision further creating a financial ecosystem that empowers users to send money, pay bills, and conduct transactions effortlessly,' he explains.
Careem Pay's success has been driven by its approach to financial inclusivity. The platform started with peer-to-peer (P2P) payments and bill payments before expanding into cross-border remittances, addressing one of the most critical financial needs of the UAE's expatriate population.
'The UAE is home to millions of expats who send money back to their families regularly. Traditional remittance services are expensive and slow. Careem Pay enables instant transfers to over 30 corridors, including India, Pakistan, the UK, and Europe. Our rates are 50% lower than banks, and some transactions are completed in as little as 11 seconds,' El Saadi adds.
'We are not just enabling transactions; we are building a holistic financial ecosystem that simplifies life for millions. Careem Pay has successfully tackled key pain points such as affordability, transparency, and speed, making digital payments more accessible to a wide customer base,' said El Saad.
Transforming the Global Financial Landscape
A super app is a platform that consolidates multiple services — including digital payments — into a single ecosystem. Unlike standalone fintech applications, super apps enhance user engagement and retention by providing seamless access to diverse financial services without requiring users to switch between different platforms.
China's WeChat Pay and Alipay have set the benchmark for financial super apps by integrating digital wallets, investment tools, and payment solutions into social media and e-commerce ecosystem with Southeast Asia following the suit with GrabPay and GoTo, embedding financial services within ride-hailing, food delivery, and online shopping apps. Consequently, these apps became the need of people by offering everything at one platform.
As one of the UAE's most promising fintech players, Careem Pay is at the forefront of the super app evolution. Originally launched to streamline ride-hailing payments, Careem Pay has rapidly expanded into a comprehensive financial platform offering P2P Money Transfers, Utility and Bill Payments and Cross-Border Remittances. Currently, Careem Pay facilitates transfers to over 30 international corridors, including India, Pakistan, the UK, and Europe. With Egypt as the latest addition, some transactions are processed in as little as 11 seconds.
'We are continuously improving our services, from streamlining cross-border transactions to integrating AI-driven financial tools. Our goal is to create a financial ecosystem that empowers millions of users,' El Saadi.
Strengthening the Digital Finance Ecosystem
While Careem Pay dominates mobility-linked fintech, Noon Pay and YAP are also making significant contributions to the UAE's financial super app ecosystem:
Noon Pay is seamlessly integrating with the Noon e-commerce ecosystem, allowing users to make digital payments for shopping, utility bills, and in-store transactions.
YAP, a digital-only financial platform, offers multi-currency wallets, AI-driven budgeting tools, and personalised banking experiences, targeting a growing market of mobile-first banking customers.
According to some fintech experts it is believed that the UAE doesn't need to replicate WeChat; it needs to develop its own financial super app tailored to regional market dynamics. Careem Pay, Noon Pay, and YAP are creating an interconnected ecosystem that enhances digital payments and banking services.
Opportunities in Developing a Super App
While the UAE's fintech sector is expanding rapidly, several challenges like Ecosystem Fragmentation, Regulatory Compliance, and User Trust and Adoption must be addressed.
However, the opportunities include:
AI-Driven Financial Services: UAE fintechs are integrating AI-powered fraud detection, predictive analytics, and automated financial management tools.
Open Finance & API Integrations: Government-backed initiatives supporting API-based financial services will enhance fintech-banking collaborations.
Strategic Partnerships: Collaborations between super apps, banks, telecom operators, and retail ecosystems will drive adoption and scalability.
A Defining Moment for the UAE's Fintech Future
The UAE is making significant progress toward building a WeChat-style financial super app, with platforms like Careem Pay, Noon Pay, and YAP at the helm of innovation. With advanced fintech infrastructure, regulatory support, and a digital-first population, the UAE is poised to become a global leader in financial super apps.
As El Saadi concludes: 'The future of fintech in the UAE is bright. Our goal is to go beyond payments and create an all-encompassing financial ecosystem that serves the evolving needs of our customers.'
With a strong regulatory framework, high digital adoption rates, and a thriving fintech sector, the UAE is well-positioned to develop an integrated financial super app that enhances both consumer experience and economic growth. The UAE is on track to redefine digital finance and payments in the region and beyond with continuous technological advancements and strategic investments.
Key Drivers of the UAE's Financial Super App Evolution
Several factors contribute to the UAE's growing potential in developing a super app:
Rapid Fintech Innovation and Digital Payments Growth: The UAE's fintech sector is projected to grow at an annual rate of 15%, fueled by mobile-first financial solutions, digital banking services, and AI-driven financial tools. Careem Pay, Noon Pay, and YAP are pioneering innovations in digital wallets, instant remittances, and real-time payments. The UAE-based fintech companies are leveraging AI to enhance fraud detection, personalise user experiences, and automate financial planning.
Changing Consumer Habits and Digital Payment Preferences: UAE consumers are increasingly opting for mobile-first payment solutions, with digital wallets now being the preferred method for online transactions. The demand for seamless, one-click payments, instant remittances, and integrated financial services is shaping fintech strategies in the region. Contactless and digital payments now account for over 75% of all transactions in the UAE, signaling a shift toward a cashless economy.
Strong Regulatory Support and Open Banking Initiatives: The UAE Central Bank's open finance framework is driving interoperability between fintech firms and traditional banks, fostering an environment where super apps can thrive. Regulatory initiatives such as fintech sandboxes and digital banking licenses are enabling startups and established players to experiment with innovative financial solutions. Dubai and Abu Dhabi's financial free zones - Dubai International Financial Centre and Abu Dhabi Global Market — are accelerating fintech investments and collaborations.
