CleverTap: Mobile payment apps are running a 77% churn rate

Mobile marketing engagement and analytics platform, CleverTap, has 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 payment app providers struggle to move users along the customer journey starting from user onboarding.

  • 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)

As the market for global payment apps continues to grow, app publishers face incredible challenges when trying to capture – and keep – their share. 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.

Almitra Karnik, Global Head of Marketing, CleverTap