As people find it safe and simple, the advancement of technology has led to a rise in the use of cashless transactions. In the industry, there is a flurry of digital payment applications, but companies need to recognize that a large number of downloads is not the only quantity that can be used to assess the app’s popularity and performance. Just 32 percent of users return to the app after installing it 11 times or more, according to study.
Future of Digital Payment App
The digital payment sector is projected to expand at a CAGR of 33.8 percent and is projected to reach a market size of $4574 billion by 2023. Demonetization, for example, played a major role in growing the usage of digital payment apps in India, and Paytm emerged as the largest winner. Of the total digital payment apps in India, Paytm has the biggest market share (78 percent).
Improvement in user retention remains the bottom line for the success of any app on the App Store or the Play Store. An experienced mobile app development company will not only help in the rapid growth of your digital payment app but will also provide adequate measures to increase user retention. It’s time to dig deep and understand the crucial points that will increase user retention in your digital payment app.
- Enhancing the ‘First Time User Experience’
- Focus on retention before churning out
- Don’t let the churned users go
- Not forcing app engagement
The sector of digital payment apps is on the rise, and by the day the market is getting tougher. This makes it important for the business to assess the needs of the customers, concentrate on them, and then come up with a customer-centered mobile app. At Softieons Technologies, because of our extensive experience, we understand the pulse of customers and thus will make you state-of-the-art digital payment apps that will make you the king of your genre.