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Tips to Retain Users in Your Payment App

As the world moved into the era of the COVID-19 pandemic, millions of people started preferring cashless payments to avoid direct contact with others. The contactless world has opened a new dimension for online payment apps through which one can quickly transfer money with just a click. All these payments are entirely automated and are highly safe with multiple layers of encryption. 

Fintech has risen the moment the digital age started, and now it is flourishing even more. Moreover, the awareness among digital payment app users has increased significantly. The payment apps have provided hassle-free solutions alongside security. There are hundreds of payment apps in India available for use. Retaining users has become a pretty significant challenge for developers. Although there are millions of users throughout, they use multiple apps for making payments and hence, retaining them for a single app has become challenging.

What is User Retention?

User retention is the task where users are brought back to using a particular app. There are various methods of attracting users to your app but retaining them is the real challenge. The basic calculation of user retention is done by taking a particular start time and end time and the number of users within that time frame. 

While user acquisition is entirely different from user retention, it is equally important. When you attract new customers, you have the possibility of retaining them. If you flaunt a robust and exciting payment app, user retention becomes easier. With the high user abandonment rates, it is crucial to build an app capable of retaining its users with its services.

Tips to Retain Users Better

It is natural to be worried about user retention once the app is launched. Here are some tips that the best mobile payment apps in India use. You, too, can use these tips and tactics to retain your users and make the best out of your payment app.

Offer a Memorable FTUX

FTUX stands for First Time User Experience. It is one of the most crucial factors in retaining new users. If the user is satisfied in the very first view of the app, foundations to successful user retention are laid. As users get accustomed to the interface, they perform critical actions swiftly and efficiently. This allows them to stay and use the app, thus enhancing customer retention.

Opt for Meaningful Engagement

As long as the user is engaged to the app, the better are the chances of retaining that particular user. When users can easily connect with the app, the chances of them sticking to the app increases significantly. This also helps in building the overall brand and boosting revenue collection. 

You can easily let the users engage with your app more by providing crucial data that track their transactions and sending push notifications tailored to the user activity. 

Increase the Stickiness Quotient

The “Stickiness” quotient refers to the number of users that stick to using the app regularly. To increase this quotient effectively, ensure that your app is optimised enough for every user. On the flip side, “churn” is a term used when users do not come back to your app for an extended period. Usually, churning is seen when there is a sudden drop of effective activity within the app. To ensure that users do not churn your app, keep interacting with them regularly. You need to track the trends periodically and send a customised notification to every user when you notice a sudden drop in the regular activity.

About Fave Pay

Fave Pay is a new generation online payment app that has developed extensive ideas to connect with Gen Z as their target customers. They also cater to merchant transactions, along with offering exciting rewards. Their ideas have helped them in customer retention, and their easy-to-use interface brings in more users.

Wrapping Up

Tracking user activity is crucial if you want your app to grow constantly. This ensures that you can act as soon as there is a drop in usual user activity. This would also ensure that you are more than ready to handle user retention and optimize your app accordingly for users to feel excited and comfortable.

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