With the rise of Digitization and the Cashless Economy, mobile wallet apps have a huge demand. Mobile Wallet apps are extremely useful in many ways. From online recharge, and payment transfers to hotel and railway ticket booking, online shopping, mobile wallet apps provide a plethora of services.
Paytm( Pay through mobile )is one of the prominent mobile wallet applications and online portals that provides a variety of services on a single platform. It includes transferring money, making payments online for shopping with amazing deals, payment of electricity bills as well as booking tickets, mobile dish recharge, etc. Without the need to hold the cash in hand you can make payment for a variety of services. You just need to add money to your mobile wallet and make the payment.
How Mobile Apps Like Paytm Work?
Paytm mobile wallet application is the largest online portal that helps you to transfer money to an interleaved wallet. Firstly you have to transfer money in your wallet using an online banking system, debit card, or credit card. After the money is added to the wallet you can use it for paying several bills like purchasing goods and services, without needing to hold the cash. It is going to become one of the largest platforms for currency exchange in the future.
There is great demand for making an app like Paytm because of its popularity in recent years.
For estimating the cost we need to know about some of the basic features of an app like Paytm. These features need to be implemented if you are making an app like Paytm.
1. User Panel – Paytm user panel includes features like adding money to the wallet, User registration, Bank account linking, Transactions history, Reviews, Ratings, etc.
2. Admin Panel – It includes Real-time analytics and reporting, Push notifications, User profile management, Dashboard, etc.
3. Other Features -There are other features also available in the Paytm app such as QR code, Geo-location, Push notifications, Cloud operations, etc.
Here are Some of the Factors that Determine the Cost of the App
1. App platform – While developing an app like Paytm, deciding about the app platform is one of the key factors of concern. An Android app can be more costly than an iOS app. An Android app has to be tested on multiple devices and it also required more written code. A hybrid app can be economical; however, its performance might not be as good as a native app.
2. App design – A user-friendly and intuitive design is really important for the success of an app. Eye-catching and appealing designs require advanced technologies and tools also. The design of an app is the most important thing for the popularity and performance of the app. An appealing user- experience and user interface will surely put a burden on your pocket, but it will also be worth it.
3. Mobile wallets – An online recharge app cannot work without mobile wallets. It requires mobile wallet app development and integration for the proper working of the app. The mobile wallet app helps add money to the wallet from the bank account, allows you to send money to your friend or the vendor, and transfer money to the bank account. This complete mobile wallet functionality and integration can also increase the cost of developing an app like Paytm. Numerous other functions and functionalities like news feed, and SMS gateway integration also impact the cost of the app.
4. Functionalities of the app – Paytm as a mobile wallet app has core features as well as a variety of additional features as well. It means the development of Paytm cannot be completed in a few months. It also requires several developers for completing all the functionalities to develop the app.If you are planning to develop a mobile wallet application like Paytm, you should initially give preference to a few key features that are required. Later on, you can add more features and functionalities to your app, when it starts gaining popularity. To attract more users to the app and compete in the market, you can add more features and functionalities to the app later on. In version 1 of the app, you should consider only basic functionalities like recharge and other basic functionalities for curbing the backend development and UI cost for making the app.
5. Considering third-party API integration – Third-party API integration also affects the cost of the app. From an online mobile recharge to booking tickets and online shopping payment everything depends on third-party API Integration. APIs connect the service providers and companies to use your app platform. If your app requires more API then it will increase the development cost of your app also. It also depends on how third parties support the implementation of the API with the mobile app development company. That is the reason why the requirement of the third-party APIs should also be considered while developing the mobile app.
Conclusion – With the shift towards digital payments, the mobile wallet apps like Paytm have revolutionized the whole economic as well as financial sector. Many people are now preferring digital payment rather than using cash for making payments. That is the reason why many companies are opting for developing their mobile wallet applications. The cost to develop an app like Paytm can cost around $40,000 to $50,000. If you are thinking of developing a clone app like Paytm, get in touch with us for getting a quick quote at the best rates. We are highly experienced in developing a mobile wallet app that will suit your requirements.