Ways to enhance user retention in mobile payments app
There is a huge upsurge in demand for the contactless and easy mode of payments for products and services. With huge competition, business owners must take proactive steps to retain the users in payment apps.
By: Brillmindz technologies
The rise of mobile payments: Even though mobile payments were introduced much before in India, demonetization provided the push to digital payments.
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.
How to Increase User Retention in your Payment app?
Provide the best onboarding experience: A significant portion of users is still 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.
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.
User engagement: Perform regular research on the app usages to know the user behaviours. This data could be beneficial to send individual push notifications and messages. Support the users by updating the app with new features and enhancement. They must be pleased by providing loyalty coupons and discount offers.
Analyse the probability of discontinuing users: There must be a constant tracing of discontinuing users due to many possible reasons. Such instances specify that the users might drop off and probably uninstall in a few days. 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.
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.
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