Everything you need to know about the 'everything app' and why does Elon Musk want to make one?
The controversy started on Tuesday after Tesla Inc.'s billionaire CEO changed his mind about not purchasing Twitter Inc. Musk tweeted late on Tuesday that he was now willing to move forward with his original proposal to pay $44 billion for the social media business, saying that it would be 'an accelerant to inventing X, the everything app.'
Tech businesses from all over the world have attempted to imitate the idea of a 'everything app,' also known as a 'super app,' which is extremely popular in Asia.
The Swiss army knife of mobile apps, a super app, or what Musk refers to as a 'everything app,' offers users a variety of services like texting, social networking, peer-to-peer payments, and online shopping.
According to Scott Galloway, a professor of marketing at New York University and co-host of the technology podcast 'Pivot,' these mega apps are commonly utilised in Asia because mobile is the primary method of access to the internet for many individuals in the region.
According to one estimate, the popular Chinese programme WeChat has more than 1 billion users every month and is an integral part of daily life there. Users can mail money to friends and family, call a car or cab, and pay for goods at merchants. According to the South China Morning Post, certain Chinese towns started testing WeChat for an electronic identification system that would be linked to users' accounts in 2018.
In Southeast Asia, Grab is a top mega app that provides food delivery, ride-hailing, on-demand parcel delivery, banking services, and investing.
Musk mentioned that there isn't a super app like WeChat outside of Asia during a question-and-answer session with Twitter staff in June.
In China, 'you very much live on WeChat,' he asserted, adding that he saw a market for such an app.
Additionally, Musk could be able to achieve his ambitious expansion plans for Twitter by enhancing its current tools and offerings. Musk stated that he intended Twitter to increase from its 237 million users to 'at least a billion' during the staff Q&A.
According to texts released during the discovery phase of the legal dispute between Musk and the social media business, Musk and members of his inner circle discussed the notion of integrating digital payments into Twitter several times.