Hole In The eWallet: Mobile Payment Apps Face Significant Challenges Engaging, Retaining Users, Shows CleverTap Benchmark Report
With 77 percent average churn, immediate value and superior customer experience become critical competitive differentiators
Mobile marketing engagement and analytics platform CleverTap released its latest Industry Benchmarks for Mobile Payment Apps report. Based on the analysis of billions of data points aggregated from over 583 million unique users across 700+ million devices, the results reveal a highly-competitive landscape in which app publishers struggle to move users along the customer journey starting from user onboarding.
Comparing these results to previous entries in the company’s most recent reports for over-the-top (OTT) media & entertainment apps and travel apps provides a clear demonstration of the greater challenges facing mobile payment app providers today. Key findings include:
- The average retention rate for mobile payment app users is only 8% after 4 weeks (compared to OTT: 20%, Travel: 48.3%)
- The average registration time for mobile payment apps is 1 full hour (compared to OTT: 8 minutes, Travel: 18 minutes)
- On average, 35% of new users engage with mobile payment apps within the first month, on an average taking 12 days to engage (compared to OTT: 26% within 72 hours, Travel: 80% within 44 minutes)
In addition to insights into user behavior throughout the app’s lifecycle, including transitions from one stage to the next, the report also offers guidance on which metrics best indicate the health of the user experience at each stage of the lifecycle.
“As the market for global payment apps continues to grow, app publishers face incredible challenges when trying to capture – and keep – their share,” said Almitra Karnik, Global Head of Marketing at CleverTap. “We continue to remain focused on helping our customers understand the essential metrics that will enable them to optimize their app’s performance and create a seamless user experience across all touchpoints. Our Benchmark Report for Mobile Payment Apps provides data-backed ‘CleverTips,’ which are specific guidelines to help engage customers at each stage to grow app engagement, retention and revenue.”