CRED’s Chief Kunal Shah Cites Gall’s Law to Build Super Apps
CRED CEO Kunal Shah mentioned, “Most people launch a very complex product to start with. A Swiss knife before a decent knife that works.” He said that this also applies to super apps that numerous large conglomerates launch, attempting to offer 20 features all at once from day one, hinting at how CRED has been focusing on building one feature at a time and building value-adds sensibly. Responding to Emmett Shear, Former CEO of Justin.tv’s take on Gall’s law, Shah stated that large conglomerates often launch super apps that aim to offer a wide range of services right from the beginning. Emphasising the importance of simplicity and focus when starting a new venture or developing a product, he said these apps try to do many things at once, which can lead to complications and inefficiencies. Also true for startups. Most people launch a very complex product to start with. A Swiss knife before a decent knife that works. Also true for super apps that many large conglomerates keep launching with 20 things being done together on day one. https://t.co/rZptaRo32O— Kunal Shah (@kunalb11) July 30, 2024 It is to be noted that CRED, which is the credit card bill payment platform, eventually integrated the UPI payment club competing against the likes of Paytm and PhonePe. Recently, it has launched CRED Money, a new feature aimed to simplify financial decision-making. This tool provides a unified view of balances and transactions across various bank accounts. This feature assists by sending reminders and updates and allowing users to make payments through CRED UPI. Last year, it launched CRED Garage, a one-stop shop to streamline vehicle management and enter motor insurance distribution, recharging FASTags, and accessing roadside assistance, and more. Super Apps on the Rise In 2022, the global super apps market was valued at a staggering $61.30 billion, with a growth trajectory of 27.8% expected from 2023 to 2030. Gartner’s survey reveals that the top 15 super apps have been downloaded over 4.6 billion times worldwide, boasting 2.68 billion monthly active users. By 2050, it is anticipated that more than half of the global population will be using super apps. Well, the key to their widespread adoption lies in the mobile-first market, where smartphones are the primary connected devices. Another major contributor is their integration of financial and payment services. Paytm in India, Grab in Singapore, Goto in Indonesia, and Zalo in Vietnam are a few examples, each pivoting their user experience around robust financial and banking services. Earlier ​​Deepinder Goyal, the CEO of Zomato had said that super apps don’t work in India. He would rather have Zomato and Blinkit grow as separate brands.
Recently, CRED launched CRED Money, a new feature that looks to simplify financial decision-making.
CRED, which is the credit card bill payment platform, eventually integrated the UPI payment club competing against Paytm and PhonePe.
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