How to Increase User Retention in your Payment app?

How to Increase the User Retention in your Payment app?

How to Increase User Retention in your Payment app?

There is a huge upsurge in demand for the contactless and easy mode of payments for products and services. Digital payment app transactions are gaining huge popularity as more users are using them. A significant portion of smartphone users has transformed their mode of payments from physical to digital. Mobile payments allow customers and vendors to carry all the payment tasks like paying bills, booking tickets, or transferring money.

The rise of mobile payments:

  • Even though mobile payments were introduced much before in India, demonetization provided the push to digital payments. There are many old players in the fintech sector like PayPal, Amazon Pay, Google Pay, etc, and new popular players like Paytm, Phone Pe, Free charge, etc.
  • With the outbreak of Coronavirus Pandemic, the use of cash for payments was drastically reduced across the globe. Many new people were drawn into the digital mode of payment as cash is vulnerable to carry infections.
  • Contactless operations are seen as the safest option for all types of transactions. There is a rise in online deliveries and on-demand apps that have adapted contactless delivery and payments.
  • Hence, the COVID-19 pandemic has stimulated people to employ digital payments in all types of businesses. As people are accepting new norms in all sections, this could be a huge chance to go digital. But this also raises the need to offer a hassle-free payment process for all the customers in their routine transactions.

How to Increase User Retention in your Payment app?

If you are thinking about how to increase mobile app usage then below are some useful mobile app retention strategies.

Provide the best onboarding experience:

  • Even with the presence of mobile payment apps in India for many years, there is still a large section of new users. A significant portion of users is new to smartphones and their apps. It is crucial to guide them with the right instructions. It will be useful for them to perform key tasks such as registration, wallets, and payments. The onboarding process must be very simple and easy to navigate. Below are a few steps that could aid you in easing the onboarding process.
  • Provide useful and comprehensive information about your app in the play store. Condense the number of steps for registering to the app and provide multiple login options. It could be through Gmail, phone number, or social media accounts.
  • Prompt the users with exciting push notifications if they haven’t registered to the app after 2 days of installation. Encourage users with coupons, discounts, and other offers.
  • Once they register to the app, provide them all instructions via in-app notifications. Inspire them to add money to the wallet and use the app for all possible transactions. Showcase all the features of the app so that they can quickly get used to it.

You must properly administer the time taken by the users to log in to the app. It will provide you a thorough understanding of the efficiency of the onboarding process.

Keep it simple:

A simple and user-specific design is an important requirement of any kind of app. The payment app is no different and it is very much necessary to increase user retention. Generally, users like to return to the app that has simple navigations and easy to use features. As people would be much sensitive about their financial operations, it is very much necessary to have a transparent interface. It must show all its financial accounts and transactions in one place.

User engagement:

  • Users who have undergone a smooth onboarding experience will use it for some time. But to retain them for longer periods and earn constant profits, it is key to have efficient user engagement. Such steps will not just keep the users glued to your app but also expand the brand significantly.
  • Perform regular research on the app usages to know the user behaviors. This data could be beneficial to send individual push notifications and messages. Such steps must not just be taken at the initial phase but throughout the journey.
  • Support the users by updating the app with new features and enhancement. They must be pleased by providing loyalty coupons and discount offers. Prompt them to recharge their wallets and use the latest features.

Analyze the probability of discontinuing users:

There must be a constant tracing of discontinuing users due to many possible reasons like:

  • Leaving the cart without completing the transaction.
  • Abandoning the app while recharging the wallet.
  • Users who haven’t launched the app for longer periods.

Such instances specify that the users might drop off and probably uninstall in a few days. Hence it becomes very crucial to constantly trace the users and try to interact with them. Speak to such users by taking proper marketing steps that showcase the usefulness of your app. Send them regular and individual messages reminding them to use the app. Notify them to use the cashback and discount offers and employ the app for all possible transactions.

Provide personalized services:

The fintech industry is full of competition with many players trying to capture the market. Hence it is crucial to stay ahead in the game by providing relevant personalized services to users. You must inform the users about the updates in the account balance, new rules from banks or governments, changes in transaction methods, etc. Using Artificial Intelligence and Machine Learning in knowing the user behavior will aid in interacting effectively with the users.

Bottom line:

Mobile payment apps are growing constantly and turning out to be a major payment network after the outbreak of Coronavirus. Along with providing a feature-filled app, it is crucial to provide users with exceptional service to retain them for longer. Reliable mobile app development companies in India like Brill Mindz will not only build a secured payment app but also suggest the best mobile app retention strategies. The company has huge experience in dealing with complex scenarios and ensuring brilliant brand exposure for their clients.

Open chat