Crypto App’s prioritise mobile user experience as Apple clamps down on in-app payments

crypto apps user experience

Developers of the 10,000 plus Crypto mobile apps available on the IOS and Android platforms will be experiencing the effects of the increasing volatility in the Crypto market especially in the wake of the recent FTX crash and the inevitable ongoing fallout

 

 

According to Statista the number of Bitcoin block explorer Blockchain.com wallet users has soared over the past years topping over 80 million users in August 2022 and over 122 million Ethereum tokens in circulation. 

 

 

Both centralized exchanges and decentralized crypto apps (e.g Defi swap and staking apps, Wallets, P2E Games and NFT apps)  have shared explosive growth – becoming feature rich and often complex – the challenge for crypto Apps is now user onboarding and user experience.

In their quest for user retention (the ones that didn’t get rekt  🤔)  several crypto exchanges segmented their target audience into “new users” and “experienced traders”, offering two different user experiences to each cohort.   Several apps have adopted a similar mobile user experience first approach by producing both “Lite” and “Pro” versions of their trading apps to help increase mobile app user adoption.  

 

 

In order to sustain growth its imperative that apps retain the users they have.  User experience has become paramount as mobile apps have minutes if not seconds to give users what they need and avoid churn.  Indeed Apple listed poor user experience as one of the top three reasons for slashing almost 25% of the Apps from the App Store last quarter.   One of the other reasons was failing to comply with App Store policies as Apple recently tightened restrictions on Crypto and NFT trading platforms to Apple’s in-app payment mechanism effectively squeezing margins even further. 

 

 

Crypto App developers will find themselves subject to additional limitations in terms of how quickly their Apps can respond to sudden changes in the market and user behaviors.  Developers of Crypto Apps have to compete for scarce software developer resources the same as any other app however they also have the additional overhead of having to maintain user identity privacy which is an additional level of abstraction that most finance and B2B apps don’t have to contend with.

 

 

No Email Address, No Problem

 
 

Maintaining multiple versions of an app, like Lite and Pro, is an overhead that Crypto apps could probably also do without if their Apps had an effective user onboarding walkthrough and in-app messaging and tooltips to help users get greater utility within the mobile app.  This could be easily solved by the inclusion of a No-Code SDK SaaS platform that helps enhance Crypto mobile apps  with Contextual user onboarding guides, in-app messaging, tooltips and FAQ’s without having to write code.  Unlike products that rely on users’ email addresses to identify users, Contextual does not require traditional user identification like an email address preserving users privacy which is a key feature of the Web3 proposition.  

 

Contextual achieves this via an “Install ID” – a privacy protecting identifier created by the Platform for each individual installed application per device (a phone, tablet etc) – allowing App teams to guide the user journey and provide contextual help without breaching PII, but can also be optionally linked to pseudonymous identifiers such as wallet address. more information may be found here

The Contextual strategy solves three problems for Crypto Apps

1) Increase user engagement and reduce churn, 

2) The Engagement layer provided by the No-Code SDK strategy preserves precious software development resources and saves costs and 

3) The Install ID protects user anonymity and maintains users trust.

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    Contextual & StreetHawk Inc 2022.