The news: Bolt launched a super app, named SuperApp, that combines payments, banking, crypto trading, rewards, and shopping, per a press release.

How we got here: Western payments providers have long been chasing the appeal of a super app in an attempt to replicate the success of Chinese mega-apps AliPay and WeChat. Bolt’s entrance into the super app arena follows recent attempts from Klarna, which has attempted to bundle cash-storing accounts; buy now, pay later; and phone lines.

Reward framework: To attract consumers, Bolt is offering rewards for spending in categories like streaming and boosted rewards for consumer-elected categories like restaurants, travel, and fuel. 

Additional services like one-click crypto trading and AI-powered personalized shopping may also be a draw to consumers swayed by tech-forward approaches to finance.

Our take: The Bolt app’s uptake by consumers will likely be limited. 

• For the select few crypto-forward consumers, Bolt’s crypto reach across 40+ cryptocurrencies could be attractive but there’s not much differentiating it from fintechs that already offer crypto services, like PayPal or Cash App.