At the moment, every country is moving toward digitization in order to create a cashless economy. Mobile wallet applications can be found in a variety of locations, including shops, restaurants, and a variety of other establishments. Mobile payments are being used by everyone from a small street vendor to a large corporation. As a result, the demand for mobile wallet apps is increasing at the rate of a flying jet.
What is Paytm?
Paytm (Pay Through Mobile) is India's largest online recharge company. Paytm, which is owned by One97 Communications, began operations with online mobile recharge and later expanded to online shopping with products similar to those sold by Flipkart, Amazon.com, and Snapdeal.
Mobile wallets such as Paytm will improve brand management and mobile payment with consumers while also providing excellent infrastructure for existing businesses. The incredible thing about mobile wallets is that they allow customers to use Visa or MasterCard without having to carry them with them.
How Does Paytm Work?
The Paytm mobile app functions in two ways. The first is Paytm Payment Bank, and the second is Paytm Mobile Wallet. To begin, Paytm users can fund their mobile wallets via online banking, debit card, credit card, or other banking partners. After adding money to the app, they can use it to pay bills such as electricity, recharge, shopping bill, dish, and so on, without having to carry cash.
Overview of Paytm’s Success:
Paytm is now Indis' largest payment gateway application, with a market share of more than 50%. Paytm processes 400 million transactions per month, according to sources. By the third quarter of 2019, it had 450 million registered users and aims to reach 250 million active monthly customers by March 2021.
How To Develop An Android App Like Paytm?
Paytm app developers can estimate the cost of creating a Paytm-like app based on a number of key features and functionalities.
Key features of Paytm App:
These are the basic features that should be included when developing an app like Paytm.
* User panel: User registration, bank account linking, adding funds to the account, fund transfer & receive, e-Wallet passbook, transaction history, offers Electricity bill payments via Paytm, Booking tickets (Bus, Train, Flight) (Bus, Train, Flight), Ratings and reviews, Consult a friend and select your preferred language.
*Admin Panel: Dashboard, User profile management, new offer releases, real-time analytics and reporting, Add/Block features, Push notifications
*Additional features: We have already discussed Paytm's essential functions, such as app development. These are the additional features that will put you ahead of your competitors. There are push notifications, an in-app camera, geolocation, a booking calendar, a loyalty programme, a QR code, cloud operations, and wearable integration.
Factors affecting Paytm like app development cost
The cost of developing a Paytm wallet app or an online recharge app is determined by the following factors:
- App platform (Android, iOS, or Windows): When developing an app like Paytm or any other online recharge app, the first and most important consideration is the development platform.
- App design:A compelling Paytm app design is essential for engaging and retaining customers on an app like Paytm. An appealing and user-friendly design encourages repeat business. Creating an intuitive app necessitates the effective use of advanced technologies and tools, which may raise the cost but is worthwhile.
- App size: The cost of developing an app similar to Paytm is entirely dependent on the features and functionalities chosen. The app size can be reduced by prioritising only core features (recharge element) in version 1 of the app and using best development practises.
- App team:In order to create an app like Paytm, we need a strong team that is both powerful and efficient. We need a vProject Manager, a vRequirement Analyst, vDevelopers, QA engineers, mobile app developers (IOS and Android), and UI/UX designers to create a mobile app.
- Mobile wallet:Without a wallet, online recharge apps are useless. The development of a mobile wallet app and its flawless integration requires additional time and money. The cost of developing an app like Paytm can be reduced by developing a proper road map during the strategy phase)
Last word
Don't be fooled by false advertisements that say, "Build an app like Paytm in 24 hours," because developing a full-fledged mobile app will take around 2-3 months.
I believe you are pleased and have a clear understanding of the cloning of an app such as Paytm. If you have any remaining concerns about the features, functions, or costs of the development, please contact us.
Why choose Omninos?
Omninos Solutions is a top-rated website and mobile app (android/iOS) marketing firm, having completed over 500 projects. The mobile app development team has extensive practical knowledge as well as in-depth technical expertise to create business-centric B2B and B2C mobile apps that help companies stay ahead of the competition. App design, development, testing, and deployment of mobile apps that provide a high level of quality at each stage of the mobile app development lifecycle.
