The largest ecommerce platforms have already moved beyond their original business models by introducing financial services into their ecosystems. Companies like Uber, Amazon, Shopify, and Airbnb have gradually expanded into areas such as wallets, merchant financing, instant payouts, and more.
These companies are able to take that step because they already have the key ingredients: a large user base, high transaction volumes, and the capital required to invest in a financial infrastructure. For them, payments are a major revenue engine.
This trend is now influencing other enterprise platforms as well. With white-label fintech infrastructures widely available, this move is becoming easier to pursue. Let’s look at why platforms are moving in this direction and which capabilities they prioritize.
Why ecommerce platforms go fintech
One reason is diversification. Platforms want to expand beyond the main product or service they are known for. Financial services allow them to extend their business model without changing their offering.
Another reason is engagement. Financial features create an account-based ecosystem where users keep balances, transact more frequently, and remain connected to the platform for longer periods.
At the same time, we are entering a cross-industry phase where boundaries between sectors are becoming less defined. Financial services are increasingly embedded into other industries, from retail platforms integrating fintech capabilities to on-demand services adding payments, wallets, or lending to their apps.
What fintech services do platforms prioritize?
Platforms started with the precursor of embedded finance, which was Buy Now, Pay Later. The popular budgeting tool first appeared in retail, then gradually expanded into other verticals such as mobility, travel, and digital services. Ride-hailing apps, airline bookings, and food delivery platforms began offering installment payments at checkout to make higher-value purchases more accessible.
Of course, installment payments are yet another payment method at checkout rather than embedded finance in the broader sense. But it served as an early signal. Platforms saw that users were willing to adopt financial services if they were offered at the right moment inside the product experience. From there, platforms started exploring other forms of embedded credit. Cash advances for gig workers and merchant financing followed, allowing platforms to support the businesses and individuals operating on their ecosystems. Platforms such as Shopify introduced merchant loans to help sellers manage inventory and growth, while companies like Uber or Grab began offering flexible payments products based on platform earnings data. Today, financial capabilities are integrated across many parts of a platform interface in various forms.
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In-app wallets
In-app wallets allow users to store, send, and spend funds directly within a platform. Instead of relying on external payment methods for every transaction, users can keep a balance, pay for services, receive earnings, or collect refunds inside the same account.
Wallets create a centralized place where money flows can be managed. They support payments, instant seller payouts, refunds, and loyalty programs such as cashback or rewards. By keeping funds within the platform, wallets also encourage repeat transactions and make it easier for users to continue spending within the ecosystem.
These wallets are well suited for:
- Mobility and delivery (ex. Uber cash, GrabPay wallet)
- Retail: (ex. Etsy seller wallet balances)
- Booking (ex. Airbnb host earnings wallets)
FX-as-a-Service
Currency management is another capability that platforms are embedding. Marketplaces like Amazon, Upwork, or Airbnb allow sellers to accept payments in local currencies while receiving settlements in their preferred currency. While this may sound like a simple currency conversion, users gain more transparency on the rates applied, while platforms can manage conversion timing and, in some cases, lock in exchange rates for a short period to reduce volatility and provide more predictable settlements.
Virtual accounts
Beyond wallets, payouts, and lending, platforms are also adopting virtual accounts. These accounts create basically a virtual banking environment in their own ecosystem for local collection flows in different currencies, while giving users a familiar experience, as they are more likely to send funds to an account that looks domestic. This model is common among marketplaces, and freelance and creator platforms.
Membership programs
Many platforms group several financial and engagement features under membership programs, as they allow platforms to manage loyalty points, cashback, exclusive deals, or digital stamp cards within the same user account.
Inspired by strategies widely used in food delivery and ride-sharing apps, these programs usually include incentives designed to increase user activity. For example, users may be offered challenges such as “Order three times this week to earn bonus points”. The goal is to encourage repeat transactions while strengthening the relationship between the user and the platform.
The bottom line
Our research, “Insights into in-app wallets: What platforms must know about user behavior and expectations,” shows that 43% of platform users already use in-app wallets. The same research also found that 62% of users say rewards such as cashback or loyalty points influence where they choose to shop.
From this perspective, wallets will likely remain a priority. They are versatile, accessible, and can support a wide range of financial features, from payments and payouts to loyalty programs and rewards.
Looking ahead, many of these capabilities may gradually move beyond what is currently labelled embedded finance. As platforms continue integrating financial tools directly into their ecosystems, we will likely see more services that feel native to the platform experience rather than external financial products.
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