What are the most important insights you can gain from mobile payment analytics?

1 Payment Methods

One of the first insights you can gain from mobile payment analytics is the breakdown of payment methods used by your customers. This can help you identify the most popular and preferred payment options, as well as the ones that are underutilized or cause friction. By knowing the payment methods that your customers use, you can tailor your payment system to offer more convenience, security, and choice. You can also monitor the trends and changes in payment methods over time and adjust your payment system accordingly.

3 Payment Attributes

Another valuable insight you can gain from mobile payment analytics is the payment attributes, which include various details and characteristics of your payment transactions, such as the amount, currency, location, device, channel, time, frequency, and duration. These attributes can help you segment and profile your customers based on their payment behavior and preferences. You can also use these attributes to understand the patterns and trends of your payment transactions, such as the peak hours, days, or seasons, the average transaction value, the conversion rate, and the retention rate. By analyzing the payment attributes, you can optimize your pricing, marketing, and customer service strategies to match your customer needs and expectations.

4 Payment Feedback

Another useful insight you can gain from mobile payment analytics is the payment feedback, which refers to the ratings, reviews, comments, and suggestions that your customers provide after their payment transactions. This can help you measure the customer satisfaction and loyalty, as well as the strengths and weaknesses of your payment system. By collecting and analyzing the payment feedback, you can identify the areas of improvement and innovation for your payment system, as well as the best practices and features that your customers appreciate and value. You can also use the payment feedback to communicate with your customers and build trust and rapport.

5 Payment Performance

Another crucial insight you can gain from mobile payment analytics is the payment performance, which evaluates the impact and outcomes of your payment system on your business goals and metrics. This can help you assess the return on investment and the value proposition of your payment system, as well as the opportunities and challenges for your business growth. By measuring and analyzing the payment performance, you can determine the key performance indicators and benchmarks for your payment system, such as the revenue, profit, cost, customer lifetime value, customer acquisition cost, and customer churn rate. You can also use the payment performance to align your payment system with your business strategy and vision.

6 Payment Compliance

Another essential insight you can gain from mobile payment analytics is the payment compliance, which ensures that your payment system follows the relevant laws, regulations, standards, and best practices for data security, privacy, and ethics. This can help you protect your business reputation and credibility, as well as the rights and interests of your customers and partners. By monitoring and analyzing the payment compliance, you can identify and mitigate the risks and liabilities of your payment system, such as data breaches, fraud, disputes, fines, or lawsuits. You can also use the payment compliance to demonstrate your social responsibility and trustworthiness.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?