Powering a Billion Transactions: How PhonePe Cracked the Code to Customer Retention with Inqnest

ABOUT CLIENT

PhonePe, a USD 12 Billion FinTech Start-up, is a leading digital payments platform in India, providing secure and fast payment solutions to millions of users. As a pioneer in digital finance, PhonePe continually seeks to improve user experience and retention.

THE CHALLENGE

PhonePe faced challenges wherein, whenever users experienced transaction delays, payment failures or uncertainties regarding payment status, they would panic and either contact customer support for reassurance or, in some cases, abandon the platform altogether due to concerns over their money being stuck. Despite the availability of extensive support literature which listed in detail all possible scenarios and refund timelines in case of payment failures, assuring users that their money would not be lost, it was often overlooked and almost never read. To counter this, PhonePe decided to partner with Inqnest to come up with a communication strategy that could simplify and effectively relay this crucial information to retain and grow their customer base.

WHY INQNEST

PhonePe partnered with Inqnest due to their expertise in content creation and user engagement. Inqnest's ability to produce targeted, problem-solving content made them the ideal choice for this initiative..

THE SOLUTION

Inqnest designed a targeted communication strategy focused on delivering clear and immediate reassurance to PhonePe users at the moment of their transaction issues. Understanding that users often skipped reading long-form content, the solution revolved around bite-sized, easily digestible formats such as infographics and short videos.

1. Localized Infographics and Short "How it Works" Videos: Inqnest created short, visually engaging videos explaining the most common payment issues (such as payment delays or failures) and how the platform handles them. These videos were designed to:
   • Be understandable within seconds, focusing on simplifying complex processes like refund timelines or what users should do when they encounter errors.
   • Be translated into multiple local languages to cater to India’s diverse user base, ensuring that no matter what language a user spoke, they could understand the steps PhonePe takes to resolve issues.
2. Real-Time Delivery of Support Content: Whenever users faced a payment delay or failure, these localized videos were automatically triggered and sent as pop-ups or notifications within the app. This allowed users to access real-time solutions, reducing their anxiety and minimizing the need to contact customer support.
3. Localized User Engagement: Each video was localized not just in language but also in cultural nuances, ensuring that the messaging was tailored to different regions across India. This included tone adjustments and visuals that resonated with users based on their specific geographies.
4. Immediate Availability of Content: Users received these informative videos or infographics instantly when they encountered issues, providing them with step-by-step guidance on what was happening and reassuring them that their money wasn’t lost. This timely intervention kept users informed and reduced unnecessary escalations.
5. Cross-Platform Sharing: These videos were not limited to in-app engagement but were also shared through WhatsApp, SMS, and email, ensuring that users could access this support content even if they exited the app.

RESULTS

• 35% Reduction in Drop-off Rates: The targeted content strategy significantly reduced the number of users abandoning the app due to frustrations with common issues.
• 20% Increase in User Retention: Improved communication about problem resolution helped retain more users and fostered long-term engagement.
• 40% Increase in Positive User Feedback: Surveys and app store ratings reflected improved user satisfaction after implementing the strategy.

ADDITIONAL HIGHLIGHTS

• Increased User Confidence: Clear communication about problem resolution boosted user confidence in the app.
• Continuous Improvement: Ongoing updates and transparency further strengthened the platform’s reputation for reliability.

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