It sounds like a world where AOL won and we all accessed the internet through keywords and paid everything through AOL, or very similar to France's old Minitel, except for mobile.
Having everything in one app is interesting if only because it offers some powerful integration opportunities, but otherwise this sounds like a proto-Internet for a developing economy.
$5 says they evolve past this in the next 3-5 years and their app ecosystem looks a lot more like ours.