How to Enhance User Retention for Your Payment Apps

The retention rate of an app is best understood by the percentage of users who use your app after a set period after installation, for instance, a day, three days, and so forth. The more days, the better retention. There is a huge rise 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. As per statistics, a rise of 5% in customer retention increases your profitability by 95%.

Moreover, another major changing trend that is moving the user preferences is the rise of Fintech and payment apps. The rise of mobile payment technology or payment apps is one of the biggest Fintech trends to impact the brick-and-mortar business in the last few years. The Global M-Commerce revenue is forecasted to reach $3.56 trillion in 2021. 79% of smartphone users have purchased online using their mobile devices in the last six months.

Read more here to know how what strategic changes you need to make in your user retention strategy for overall growth and profitability.