Mobile has transformed how banks interact with consumers and compete with each other, expanding the global banking market to billions of the world’s unbanked. In addition, the advance of mobile and apps is removing the need for actual cash. Physical currency is beginning to disappear as people handle more transactions from their phones.
Our newly-released report, developed in collaboration with app store intelligence provider App Annie, charts the growth of finance apps from 2012 to highlight the trends sure to impact your app at every level. This report equips marketers with insights to boost their results and plan for the future. We highlight high-growth markets alongside the metrics marketers must grasp to acquire valuable audiences — and keep them coming back.
Below you can find a preview of the report, with a special section on Asia’s payment apps. You can also download a free copy with a click of a button here.
Regional Spotlight: Asia’s Payment Apps
Asia’s financial ecosystem sets itself apart by the role played by non-banks, which constitute a different set of players than in other global regions. In China, the so-called “super apps” like Tencent’s WeChat and Alibaba’s Alipay dominate. These players have raised significant capital in the last few years, which has allowed them to extend their services and reach, utilizing a wide variety of partners. According to the GSMA, Alipay alone has partnered with more than 200 financial institutions and is integrated with over 100,000 merchants outside China. China is a hub of innovation, with facial recognition just one of many means of making payments. However, does that uptake extend across Asia?
Asia-Pacific’s love of mobile comes from local tech firms learning to deliver users what they needed, outside of traditional financial frameworks, most notably to people who had never previously banked before. This may explain how these apps have achieved their status but do they keep users coming back?
While retention performance doesn’t differ too much from global averages, Adjust data shows the number of sessions is slightly lower (1.48) than global average (1.72). While this could be linked to how sessions function, it could be an indication of consumer attitudes to payment apps in general.
Changing perceptions is a big challenge for marketers in the region. In a Google study, 50% of unbanked Indonesians said they don’t see any benefit in using a digital wallet app. And both unbanked Indonesians (20%) and Indonesians with bank accounts (33%) said they have concerns about personal data loss and phone theft.
To combat this view and convert users, brands need to stand out by engaging early adopters, nurturing local partnerships to create new openings in their chosen market, and improve the safety features of their app.
Want to learn more? Download the report now.