As the founder of a mobile advertising startup acquired by Blackstone in 2019, I have closely observed the evolution of integrated applications that combine messaging, payments, and social updates into a singular platform. Currently, the frontrunner in this "all-in-one" app arena is China’s WeChat, known as Weixin domestically. This versatile application allows users to engage in texting, gaming, photo and video sharing, video conferencing, and mobile payments, boasting over 1.3 billion monthly active users—a significant advantage for its parent company, Tencent.
In contrast, many existing payment solutions, such as PayPal and various fintech applications, operate independently, each serving a distinct purpose without the seamless integration that users increasingly desire.
What’s Holding Back the Creation of Other All-in-One Apps?
Creating an "all-in-one" app presents more regulatory challenges than technical ones. Despite this, numerous tech giants are keen to pursue this strategy, recognizing its potential to simplify the lives of millions. Take Facebook, for instance. A few years back, it attempted to launch Diem, an internal cryptocurrency initiative. However, regulatory pushback from central banks worldwide forced the company to abandon its plans and dissolve the team. While Facebook allows messaging and social media updates, its payment features, such as Meta Pay and Messenger payments, still rely on external credit or debit cards, lacking true integration.
Elon Musk has expressed his ambition to transform Twitter, now rebranded as X, into a comprehensive "everything app" akin to WeChat. While X currently supports social media updates and messaging, it has yet to enable direct payments. Musk’s acquisition of several money transmitter licenses across various states indicates a commitment to this vision. His background with PayPal, a major player in the payment landscape, adds credibility to his aspirations. Yet, the looming question remains: will regulators impede this initiative?
Telegram, another messaging powerhouse, is also eyeing the creation of an all-encompassing app. With approximately 900 million users globally, it has recently introduced the ability to send USDT stablecoin payments. Although the SEC previously halted Telegram’s development of its crypto token, The Open Network (TON) is now managed by a different group that has pledged to collaborate closely with Telegram.
Big Hurdles, But Also Big Potential
The company that successfully launches a master app in the U.S. could unlock significant opportunities. The potential for transaction fees, data mining, and other revenue streams is substantial. However, it is prudent to anticipate rigorous scrutiny from regulators, which may complicate implementation efforts.
From a consumer perspective, the concept of an all-in-one app is undeniably attractive. Many users keep their social media platforms open, yet must switch to different applications to make payments. An integrated solution would streamline these processes, allowing users to send payments as effortlessly as sharing a link or posting an update.
Moreover, the potential for investors is noteworthy. The rapid adoption and market capitalization growth of a company that successfully develops such an app could be remarkable. While significant challenges lie ahead, the notion of a singular master app is one whose time may finally be ripe for realization.