How Much Does it Cost to Create a Mobile Wallet App-like Paytm
Paytm mobile application is an Indian payment system and digital wallet company which is owned by ONE97 COmmunication, based out of NOIDA SEZ, India.
Paytm mobile application is available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, and educational institutions with the Paytm QR code.
As per the company, over 7 million merchants and still increasing in numbers across India use this QR code to accept payments directly into their bank account. The ONE97 COmmunication company also uses advertisements and paid promotional content to generate revenues.
Why Paytm is a successful wallet app
“Think of recharge/Bill Payment in the isolated area of India, where you had access to the Internet but not a nearby shop to recharge, even if you found one they charged more than its price”
While searching the world WEB, you found an online website that is not just giving a solution for it instead they give a CASHBACK- they enhanced it.
Now, they were focused on the Vast Indian Middle class who occasionally use the Internet at that time and when it turned out to be a Money-saving then what else do they need?
In the first year- they focused only on the Lower Middle-Class people and students by saving their hard-earned money and pocket money which is so important.
They still are continuing it by solving a very common problem of every Indian which is money.
They keep on Innovating new Ideas to reach out to the remotest area in India.
They never look up for competition as they were focusing on solving the primary difficulties of Indians.
They released their mobile application, which was a bit slow initially but was much user-friendly even an illiterate man/woman can understand. And once demonetization happened in India Paytm wallet app revenue and users blow the charts.
Key Features to Develop an App like Paytm
1. The Solutions:
- NFC: Near Field Communication (NFC) is one of the best technologies. You can use this for sharing the information and conveniently transferring the funds.
- Bluetooth and iBeacon: It also identifies your nearby friends for making payments. The Bluetooth and the iBeacon technologies help to make the payment transfers very secured and fast.
- QR Codes: People use these types of eWallet Mobile apps for making payments to the people they frequently meet. Users also pay the ones who are part of their workplace or social community. Such a type of mobile app just requires scanning the QR code of the other user’s smartphone, with whom you want to make transactions. You can do it in a smooth and simplified way.
- Blockchain Applications: An eWallet Mobile App powered by the blockchain is one of the evolving trends for making payments. The reason being it is highly secured and immutable. Governmental organizations and financial institutions generally, use these mobile apps as they have to transfer a huge amount.
- Payment App: Such eWallet Mobile Solutions suits best with the business requirements. Simply one business can partner with the other business and the local merchants and can transfer the cash effectively.
- Registration of the users: This is the major section of a mobile application; the user can sign-in with the social network or email account credentials.
- Authorize bank account: Users can select the bank details from which they want to make the transaction. They can register a particular bank account and can pay with it at any instant.
- Add balance: The users can add a certain amount of balance in their account according to the need.
- Check balance status: Once all the transactions are completed, the users can view their account balance and can check all the incoming and outgoing cash flows.
- Transfer cash: The users can transfer the cash amount to the other concerned users by entering their account details. By doing so they are allowing the transactions effective and convenient.
- Pay bills: Users can pay the bills via their registered bank accounts to maintain the track of all the cash flows conveniently.
- Accept payments: They can receive the payments as well. Users can accept the payments in a secured manner simply by sharing their corresponding account details.
- See offers: Under this section, users can see the offers and redeem the points as well while making the transactions.
- Transaction history: The eWallet app records and tracks all the transactions by the users. A user can search for all the transactions with the advance filters from the transaction history.
- Invite friends: Users can invite their friends as well for sending and receiving the funds. This way it gets easy for them to transfer the amount as and when required. This too, without asking for account details the very next day.
- Dashboard: The admin can track and monitor all the users registered with the app, their profile and other basic information.
- New offers: The admin manages all the new offers. He also governs and monitors offers related to the referrals, rewards, frequent transactions, etc, accordingly.
- Manage the users: All the users that are associated with the mobile application and making the transactions are tracked and monitored by the admin.
- Manage the contacts: Admin manages several things. These include all the users associated with the app, transaction frequency, user retention, and acquisition techniques…
- Add/block features: According to the user behavior and as per the count of rejected or unauthorized payments processes admin can block the users.
- Geo-location: This is one of the great features of an eWallet Mobile App. Although, adding this feature will raise the cost of your mobile application, but then adding it will significantly raise the visibility and popularity of an app.
- Data synchronization: Now while discussing the features of an eWallet Mobile App, the data synchronization is likely to play an important role. The app is synchronized with your registered social account network and the mobile number to deliver high-level security and accuracy.
- Booking Calendar: So, with this feature users need not remember the date for making the transactions. On a particular date, automatically the alert is sent to the users.
- In-app camera: The in-app camera comes as great use in the QR code scanning. With the help of an In-app camera, users can send the receipt of transactions to the other users.
- Cloud operations: With the help of cloud operations, all the transactions can be stored in a safe and reliable form. The cloud operation helps in augmenting the quality standards of your app and enables the users to make the transaction in a very faster way.
Cost to create an app like Paytm
Here is the list of all costly elements:
1. API development that communicates between your service providers and your mobile application users.
2. Development of mobile applications.
3. Tie-ups about deals offer and discount provided by brands on your mobile application.
Firstly, to create an API, you need to get in touch with respective service providers like Vodafone, Airtel, Idea, and others those mobile recharge your application is going to do. They will provide you payment-related APIs for your mobile application and if they have provided the APIs. After having API, you need developers to develop an interface that connects the mobile application and API to work together. You also need to integrate payment gateway within your Paytm like a mobile application. Well, contacting multiple operators and integrating all those APIs is quite a tedious operation. Instead, you can partner with app development company — Hyperlink Infosystem that highly experienced in the development of an m-wallet app to carry out that hassle-free transactions between various entities. However, the cost of mobile application development varies as per platform from Android to iOS. The average cost to develop such an app on both platforms is approx $16,000 at $50 per hour. Cost may fluctuate as per features and mobile application development complexities.
Paytm like the app’s development cost varies from platform to platform. Android costs relatively more than iOS because the Android app needs more codes to be written, Android emulators are slower compared to iOS, and Android has more devices to be tested against.
Compelling design is crucial for Paytm like an app to engage and retain customers. Engaging and user-friendly design helps to bring repeated customers. Designing an intuitive app requires effective use of advanced technologies and tools, which may increase the cost, but worthy.
The cost to make a mobile application like Paytm heavily depends on the type of features and functionalities you choose that form the size of the app. The app size can be reduced by giving preference for only core features (recharge feature) in version 1 of the app
Paytm like mobile application development cost can vary on the developers’ geographic location, experience and expertise level.
Online recharge apps are nothing without a wallet. Mobile wallet type mobile application development and its perfect integration take additional hours and cost to be done. Mobile wallet kind mobile application cost can be reduced by having a proper roadmap in the strategy phase
There are so many other features that will affect the cost of the app
- Newsfeed/activity feed
- User profile
- Image manipulation
- Barcode / QR code
- OTP sending/reading
- In-app calling and messaging
- Secure data travel
- Connect and third party API
- Third-party SDK
- Usage Analytics
- Intercom support
- Crash report
Technologies Required to Develop an App like Paytm
- Bandwidth, Twilio — For Push Notifications
- Nexmo — SMS, Voice and Phone Verification
- Braintree & PayPal — For accepting payments
- GWT — Powerful Programming
- Datastax — for Data Management
- Mandrill — everything related to emails
- ZBar bar code reader- for scanning the QR code
- Debian — The universal Operating System
- Database — MongoDB, HBase, Cassandra, Postgres, MailChimp Integration
- Cloud Environment — AWS
- Amazon (Elastic Load Balancing, EC2, Route 53)
- Atlassian JIRA
- Google (Cloud Messaging, Maps)
- App platform (Android, iOS, or Windows):
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