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.

5 Methods For Increasing App Engagement & User Retention

1. Efficient Onboarding

It seems simple enough, yet not all apps initiate an efficient onboarding process. Make your onboarding process as simple and intuitive as possible. The more difficult it is to begin using an app, the more likely users are to abandon it.

Here are some ways to simplify user onboarding:

Reduce the number of steps necessary to create an account or sign up and include multiple registration options (login with Facebook or Google, for example).

Offer feature education throughout the onboarding experience to introduce the app’s functionality, but don’t overload users right away.

Teach through action to reveal the primary gestures in the app experience.

2. Use Push Notifications (The Right Way)

Localities reports that users who experience some degree of personalized brand interaction are more likely to return to an app for 11 or more sessions. To put it in perspective, if you enter a physical store and aren’t acknowledged, you’d probably be disappointed with the customer service. Consider app interaction in the same light.

 3. Offer and Incentivization Program

If your business model allows you to offer users a reward or loyalty program, it’s important to capitalize on the opportunity. Not only do these programs incentivize users to use the product, but loyalty programs also make users feel significant and important to a brand.

4. Encourage Two-Way Communication

Consumers want to build relationships with brands, more specifically, they want to feel valued and appreciated. This is why opening a line for two-way communication is extremely important. How do you know what your users want if you don’t receive their feedback? These messages help apps gather feedback, solve customer problems, and improve product functionality over time.

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.

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.