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Finance

How To Boost User Retention In Your Payment App

Mobile payment apps have become our best pals during Covid 19 pandemic. Most of our daily needs, like groceries, medicine, fuel, etc., were paid off through these amazing payment apps. In the future, we can see a payment world that is cash-free, contactless, card-free and ordering in one click. Although the number of mobile payment app users have risen exponentially like never before, there is still a need to have strategies in place for customer retention. Moreover, the competition is stiff as more and more payment apps offer countless services, creating a conundrum among users whether to continue using existing payment apps or switching to new ones. 

Most of the payment apps have transformed into cashback apps to ensure users are motivated and use the same apps for making online payments for shopping and other stuff. But is this enough for achieving user retention? Maybe not. Let’s discuss some tips on how to increase user retention in your payment app.

What is User Retention? 

In simple terms, user retention is a process where the existing users continue the use of an app, product or service without looking for an alternative. While marketing, advertisements, social media influencing, etc., bring in new users, the real challenge is keeping them engaged and staying with your cashback app or other types of payment app for a long time. In payment apps, retention is calculated by making a comparison between the number of users at the beginning and the end of a specific period.

Tips to Improve Increase User Retention in Your Payment App

1. A Great First-time User Experience Can Go a Long Way

As we all know, the first impression is the best one, and the same applies to customer onboarding for using regular payment or cashback apps. A great user onboarding experience can lay a foundation for user acceptance and retention. It will motivate them to register quickly and start using the payment app on the go. Some of the best practices to simplify customer onboarding are,

  • Reduce the number of steps for account creation 
  • Show a demo of the app use during onboarding 
  • Send well- timed push notifications 
  • Make personalized in-app updates after registration 

2. Maintain Meaningful User Engagement

The successfully onboarded users will start using your payment app for grocery shopping, purchase of electronic items, etc. If they feel the app’s features are supporting their transactions effectively, they stick to it for a longer time. Therefore, it is imperative to create a meaningful user engagement at all times to increase revenue and build the brand. To improve user engagement in a meaningful manner following steps can be followed.

  • Track app usage trends to fetch useful data
  • Create a personalized app user engagement campaign to build a relationship between the users and QR codes payment app 
  • Create user-friendly push notifications to keep them updated with the latest trends, cashback offers, flash sales, discounts, etc.

3. Achieve Customer Retention Before Churn 

Churn is a phenomenon where a user loses interest in the payment app and stops using it eventually. If you keep track of the number of transactions performed app login and logout trends, the churning rate can be observed, which may require immediate action. The following measures must be taken to overcome churn and achieve customer retention.

  • Offer cashback and discounts to encourage a relaunch of the app
  • Get feedback from users for churning to assure them of fixing it immediately to rebuild the trust
  • Conduct Cohort and RFM analysis and act on the results 
  • Establish a two-way communication to understand customer pain points and offer a solution accordingly

Whether you are running a small cashback app or a big brand payment app with a huge user base, customer retention is crucial to enjoying continued success and revenue growth. The above tips will help you create strategies that will positively boost user engagement and eventually lead to retention for a long period reducing churn rate.

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