When it comes to keeping users engaged, payments apps seem to be missing the mark.

According to a report from mobile analytics platform App Annie and the mobile marketing platform Adjust, only 6% of users globally who download a payment app will use that same app 30 days later.

“Mobile payments are still on the rise. Some people really love using it,” said Amir Ghodrati, director of market insights at App Annie. “But if you want to use a payment app, you need an incentive to be using that over your credit card.”

Payment apps lack a universal user experience, and consumers are reluctant to use a payment app if they don’t know that it will be accepted everywhere. If consumers don’t know that all stores will accept Apple Pay, for example, they’re still going to rely on their credit cards. To truly convert consumers over to payment apps, Ghodrati argued, they need to offer some kind of incentive like discounts or rewards.

The study examined retention rates by measuring how many users who download an app will log into that app in the days after downloading. The overall average retention rate for all apps, including news, games, banking and payments, was 9% after 30 days. Unlike payment apps, banking apps maintained a higher rate of 15% after 30 days. Of the 15 different app categories the study examined, bank apps trailed only news (18%) and music (17%).

Ghodrati said banks are shifting away from simply dumping all their online banking features into mobile banking, and instead, they are looking into how they can create a mobile-centered user experience. As companies continue to roll out mobile features like remote check deposits and digital loan applications, Ghodrati expects retention rates to improve.

For banking apps, App Annie and Adjust also looked at retention rates for paid users who sign on to a product after targeted advertisements compared to organic users who voluntarily downloaded apps.

For banking apps, users who downloaded apps as a result of paid digital acquisition efforts have a 36% retention rate one day after download compared to 29% for users who voluntarily decided to download apps. Fourteen days days after initial download, however, both paid and organic users have 19% retention rates.

Looking at overall downloads of financial apps, the Asia-Pacific region far outpaced every other region in the world. The Asia-Pacific region saw 1.8 billion financial app downloads in 2018, while the second highest number of downloads was North America with a little over 400 million downloads. According to App Annie, Asian super apps like WeChat and Alipay are fueling continued user growth.

Adjust’s marketing tools that measure performance across various apps offered the retention data considered in the study. The report looked at 90 apps from 36 countries during the first half of 2019. Financial app download data came from App Annie’s analysis of downloads from in iOS and Google Play. The data includes banks with no physical branches.

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