How to create a specialized application for P2P transfers
This will be a story about personal experience in developing and marketing mobile applications. A painful enough experience to say about him: learn from our mistakes.
At the end of 2014 - the beginning of 2015, mobile became the global trend. Indeed, every second person in your city has a smartphone, just look around. During this short period, phones have become our inalienable attribute. It even got to the point that in some states of the USA a law was passed prohibiting surfing on the phone while traveling around the city. Yes, and the text that you most likely read in the mobile application.
So, we uploaded our application - PAY2YOU - into the Google Play Market in September 2014, and in the AppStore - in early December of the same year. Just at that time, P2P transfers became one of the main drivers of turnover and the revenue side of payment services. In the market, Fintech really began a serious growth in the money transfer service between the cards.
First of all, they developed for Android, because these devices are more commonplace. Although, we must bear in mind that iOS users often have a higher level of solvency when it comes to purchases in the AppStore, or in-app payments. So, if you conceived a paid app or with purchases inside it, you may want to focus on iOS users.
welcome to reality
Now imagine a situation: a year has passed since the application was published in the market. You managed to survive the growth period of active users. And since then, the trend has declined. The number of installations decreases, the turnover and the number of transactions decreases. Not critical, but it is obvious that we need to intervene. But what exactly to do? And then there comes a point that can be described with a phrase from the rules of life of Elon Musk: “The most difficult thing is to come up with the right questions.”
There are a lot of such questions, but several primary ones:
What needs does the application solve?
Main competitors - who are they?
Are there any examples of successful applications that should be leveled?
')
Honestly, there is no point in developing the application itself, if you yourself do not fully understand what the customer will receive from using your product. Therefore, you are likely to step on a rake that bumps consoles very many developers. And we got stuffed as well.
Despite the fact that our application is the only solution for mobile in terms of p2p transfers in Ukraine, the service itself is not unique. Therefore, we decided to add some useful features to it.
For example, what does each of us face every time when he wants to transfer money to another card? With the fact that you need somewhere to take the number of this card. Memorizing countless numbers is obviously not an option.
So in the Android application, the function of adding friends from the social network appeared, and transferring money by simply choosing a friend from the phone book.
Of course, the function of saving the card is also there. PCI DSS approves, if that.
What indicators to measure?
In the process of work, this question will arise for you by itself. But, obviously, it is better to ask it yourself even before you decide to show your creation to the audience.
How KPIs need to evaluate the quality of the audience?
This means that you should immediately determine who you are going to call “active users” with all the following parameters:
→ time spent in the application;
→ number of conversions for the reporting period;
→ number of visits before conversion;
→ how much money one active user should bring to you during his lifetime in the application, etc.
Later, you will definitely add a churn rate or churn rate, which will spoil life at the slightest opportunity.
What is the cost of installing the application most profitable?
That is, what indicator of the CPA model will be for you to break even and when it will become so.
For example, we launched contextual advertising on an Android application with a modest daily budget. Having tested it for about two weeks, we decided to increase the budget to a more serious amount. As a result, the cost of conversion (installation of the application) decreased in direct proportion to the increase in the advertising budget. However, this factor was also influenced by the impending New Year. This period is in itself characterized by an increase in sales.
And then it is time to ask yourself:
What an increase in audience will be a success?
How much does it cost to get one customer now?
By giving clear answers, you will understand that the life of the application does not in itself bring you money, even if you have killer features implemented.
Instead of an epilogue
In fact, the application for P2P transfers is a very fertile ground for activity. Mobile grows and lives. The number of people with smartphones in their hands is increasing every day. P2P is growing rapidly (by the way, here, too, you need to not miss the moment, because over the past year there are five times more competitors in this market in Ukraine).
And some inspirational lyrics in the end. The average check on the application at the moment - 1800 UAH. In fact, an indicator that such an application really solves everyday user requests is a decrease in the average check. Because the need to transfer money via mobile is most likely spontaneous. For example, in a situation when you need to promptly throw off the company to someone for a gift, the p2p-transfer becomes a cash transfer, only in non-cash form.
In short, to learn better from the mistakes of others.
At the end of 2014 - the beginning of 2015, mobile became the global trend. Indeed, every second person in your city has a smartphone, just look around. During this short period, phones have become our inalienable attribute. It even got to the point that in some states of the USA a law was passed prohibiting surfing on the phone while traveling around the city. Yes, and the text that you most likely read in the mobile application.
So, we uploaded our application - PAY2YOU - into the Google Play Market in September 2014, and in the AppStore - in early December of the same year. Just at that time, P2P transfers became one of the main drivers of turnover and the revenue side of payment services. In the market, Fintech really began a serious growth in the money transfer service between the cards.
First of all, they developed for Android, because these devices are more commonplace. Although, we must bear in mind that iOS users often have a higher level of solvency when it comes to purchases in the AppStore, or in-app payments. So, if you conceived a paid app or with purchases inside it, you may want to focus on iOS users.
welcome to reality
Now imagine a situation: a year has passed since the application was published in the market. You managed to survive the growth period of active users. And since then, the trend has declined. The number of installations decreases, the turnover and the number of transactions decreases. Not critical, but it is obvious that we need to intervene. But what exactly to do? And then there comes a point that can be described with a phrase from the rules of life of Elon Musk: “The most difficult thing is to come up with the right questions.”
There are a lot of such questions, but several primary ones:
What needs does the application solve?
Main competitors - who are they?
Are there any examples of successful applications that should be leveled?
')
Honestly, there is no point in developing the application itself, if you yourself do not fully understand what the customer will receive from using your product. Therefore, you are likely to step on a rake that bumps consoles very many developers. And we got stuffed as well.
Despite the fact that our application is the only solution for mobile in terms of p2p transfers in Ukraine, the service itself is not unique. Therefore, we decided to add some useful features to it.
For example, what does each of us face every time when he wants to transfer money to another card? With the fact that you need somewhere to take the number of this card. Memorizing countless numbers is obviously not an option.
So in the Android application, the function of adding friends from the social network appeared, and transferring money by simply choosing a friend from the phone book.
Of course, the function of saving the card is also there. PCI DSS approves, if that.
What indicators to measure?
In the process of work, this question will arise for you by itself. But, obviously, it is better to ask it yourself even before you decide to show your creation to the audience.
How KPIs need to evaluate the quality of the audience?
This means that you should immediately determine who you are going to call “active users” with all the following parameters:
→ time spent in the application;
→ number of conversions for the reporting period;
→ number of visits before conversion;
→ how much money one active user should bring to you during his lifetime in the application, etc.
Later, you will definitely add a churn rate or churn rate, which will spoil life at the slightest opportunity.
What is the cost of installing the application most profitable?
That is, what indicator of the CPA model will be for you to break even and when it will become so.
For example, we launched contextual advertising on an Android application with a modest daily budget. Having tested it for about two weeks, we decided to increase the budget to a more serious amount. As a result, the cost of conversion (installation of the application) decreased in direct proportion to the increase in the advertising budget. However, this factor was also influenced by the impending New Year. This period is in itself characterized by an increase in sales.
And then it is time to ask yourself:
What an increase in audience will be a success?
How much does it cost to get one customer now?
By giving clear answers, you will understand that the life of the application does not in itself bring you money, even if you have killer features implemented.
Instead of an epilogue
In fact, the application for P2P transfers is a very fertile ground for activity. Mobile grows and lives. The number of people with smartphones in their hands is increasing every day. P2P is growing rapidly (by the way, here, too, you need to not miss the moment, because over the past year there are five times more competitors in this market in Ukraine).
And some inspirational lyrics in the end. The average check on the application at the moment - 1800 UAH. In fact, an indicator that such an application really solves everyday user requests is a decrease in the average check. Because the need to transfer money via mobile is most likely spontaneous. For example, in a situation when you need to promptly throw off the company to someone for a gift, the p2p-transfer becomes a cash transfer, only in non-cash form.
In short, to learn better from the mistakes of others.
Source: https://habr.com/ru/post/297942/
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