Mobile technology has radically changed banks’ relationships with their customers and their competition with each other, bringing the global banking market to audiences that have never had a bank account before. However, with the development of mobile apps, the need for physical money is on the way to eliminating it. Physical money disappears as people do banking and payment with their phones.
Adjust’s new report, released in collaboration with app store data provider App Annie, shows how trends that will interest your app from every angle have evolved since 2012. With this report, marketers have deeper knowledge and are more prepared for the future. This report contains the metrics for marketers to reach and retain target audiences, as well as markets with high growth rates.
Below you can find a preview of the report containing payment apps in Asia. You can also download a free copy here.
Asia’s financial ecosystem is different from global markets by players in the non-banking sector. “Super apps” like Tencent’s WeChat and Alibaba’s Alipay dominate this market. These players have significantly increased their capital over the past few years, thus expanding their services with various partners. According to GSMA, Alipay alone has established parners with 200 financial institutions outside China and is integrated with more than 100,000 vendors. China, where facial recognition technologies are a means of payment, is an innovation center. However, can this success be demonstrated in the rest of Asia?
The Asia-Pacific region’s love for mobile comes from local technology companies that are learning to provide services to users that meet their needs. Most of these users, who are outside the traditional financial framework, are users who have never been affiliated with a bank in their entire lives. This explains the success of the apps we’re talking about, but can they keep their users?
Although the performance of retaining users is not much different from the global averages, adjust’s data show that the number of sessions (1.48) is slightly lower than the global average (1.72). This number may tire of the functional differences in sessions, but it may also reflect the consumer’s attitude towards payment apps.
Changing perceptions is a big problem for marketers in the region. In a Google study, 50% of Indonesians without bank accounts think digital wallet apps are of no use. In addition, Indonesians (20%) who do not use bank services and Indonesians with bank accounts (33%) say they are afraid of the theft of their personal data or phones.
In order to change these views and to include these users in their customers, brands must adopt those who use these technologies early, create local partnerships in the targetmarket, create new expansion areas, and ensure that their apps are they need to improve their properties.
For more information, download the report now.