How Much Does it Cost to Develop an e-wallet App like Paytm?
How Much Does it Cost to Develop an e-wallet App like Paytm?
The usage of mobile payments is increasing globally. Nowadays, most of us prefer cashless payments to make payments faster, safer, and easier. On the businesses front, global suppliers or merchants are increasingly offering various digital payment options to customers. This trend is also driving the growth of digital payment solutions worldwide.
The demand for digital payment apps is witnessing rapid growth, especially from online shopping apps or eCommerce marketplace apps. These trending mobile apps give the users feasibility to choose a payment mode and pay for their goods online
Moreover, in this COVID pandemic, e-Wallet applications are playing a vital role since they enable zero-contact payments. The pandemic increased the craze for digital payments in the market. According to Statista, online payments in India during lockdowns were increased by 30% in 2020.
Paytm stood as India’s largest digital payment application with 33% of the digital payment market share during 2020. Google Pay and Amazon Pay are in the next leading positions in the digital payments industry.
As of our market research, we also found that the Paytm application is accepted by 99% of the online merchants. If you would like to develop Paytm-like e-wallet apps, this article might help you.
In this article, we guide you through the benefits of Paytm-like most popular mobile eWallet application development. We also give you an estimated cost of mobile payment apps development.
What is Paytm?
PAYTM is one of India’s biggest mobile wallet app available to download on both Google Play and the iPhone app store for free. This secure mobile payment application is best for online transfers through UPI and also offers a hassle-free payment option to pay on for their orders on food delivery service apps and other marketplace applications.
This on-demand digital payment app also offers a one-tap solution for mobile recharge, bill payments, online ticket booking, DTH recharge, and many more.
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Advantages of installing Paytm-like mobile payment apps
- Send/receive from contacts or bank accounts
- Facility to manage account beneficiaries and check account balance
- Hassle-free mobile prepaid/postpaid and DTH recharges
- Quick bill payments of Electricity, Water, Gas, Broadband, and Landline
- Cashless and contactless payments at physical stores
- One tap payment at online grocery, entertainment, shopping, and Zomato-like food delivery apps
- Feasibility to check credit score instantly
- Buy now & pay later feature of Paytm allows users to apply for a credit limit of up to 1 lakh
- Users can book flight, bus, or train tickets
- This on-demand mobile payment app for android or iOS allows users to book hotels and make their trips safe and blissful.
- Easy to book movie tickets
- Besides online payments, Paytm mall allows users to do online shopping across various product categories.
These are a few significant advantages that are offered to the users. These benefits of digital mobile payment solutions are increasing downloading rate of Paytm-like mobile wallet apps year over year.
Currently, the app has over 100 million users in the android app store and the same in the iPhone store. Hence, the mobile e-Wallet apps development has a bright future and will generate a profitable note to the businesses.
If you plan to develop a clone of a Paytm-like famous mobile eWallet app, you must integrate your app with the below-listed features.
Significant Features Of Paytm-like The Best Mobile Wallet Apps
- User Registration
- Sign/login with email or mobile number with OTP authentication
- User profile
- QR code scanner
- Transaction history
- Add Money through net banking or cards
- Balance checking authentication
- Recharge mobile phones, DTH, etc.
- Geo-Location tracking
- In-App Camera
- eCommerce marketplace (Paytm Mall) features
- Product categories
- Search
- Filters
- Check-out
- Confirm order, etc.
- Paytm Payments Bank- for instant account opening and virtual debit cards
- Paytm Insurance
- Booking Calendar
- Cloud Operations
- Customer support & feedback module
- Offers, gift cards, deals, or discounts on payments
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Which Technology Stack Makes Paytm-like applications more secure and efficient?
- Programming Languages
- Database – HBase, Postgres, MongoDB, Cassandra, MailChimp integration
- Cloud environment for AWS
- GitHub
- Amazon (Route 53, Elastic Load Balancing & EC2)
- Amazon (Route 53, Elastic Load Balancing & EC2)
- PayPal and BrainTree for supporting multiple payment modes
- Nexmo for authentication
- Twilio and Bandwidth for Push Notifications
- ZBar Universal product code reader for scanning QR codes
Development Cost Of Mobile Wallet Applications Like Paytm
An estimated cost to build a mobile wallet app like Paytm will be around $35,000-$55,000 with medium-level complexity.
The best mobile wallet apps development like Hyena implements proven mobile apps development strategies and offers you the best price to create world-class mobile applications for your business.
Factors That Impact the mobile wallet apps development cost
The factors below significantly either increase or decrease the estimated cost of an app like Paytm. These factors will greatly impact the overall development cost of e-wallet apps like Paytm.
- App platform- Windows/Android/iOS
- App Type: Hybrid, Native, or Cross-platform application
- App Size: Depends on the features that you added
- Complexity-level of the app design
- Size of the mobile wallet apps development team
- Location of the eWallet apps developers, you choose
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Hence, the Paytm-like e-wallet apps or online mobile payments application development cost will drastically change based on these factors.
However, the cost of mobile wallet apps development varies based on the types of eWallet mobile apps you choose. There are three types of mobile wallet apps in the market, including eWallet apps for marketplace apps (like Amazon Pay), digital wallet apps for Point-of-Sale payment apps, and dedicated payment applications (like P2P money transfers).
Along with mobile wallet types, integration of GPS modules, fingerprint authentication, adding Paytm mall-like eCommerce facility and enabling Point-of-Sale payments modes using iBeacon, and Bluetooth technology will increase the estimated development cost of Paytm apps.
So, before starting the development process of the clone of Paytm-like apps, one must have perfect planning and research the competitors’ applications for a better understanding of the functionalities of the app. We mean to say that market investigation is a crucial part to know the cost of a mobile application like Paytm.
Are you looking for Paytm Clone Apps Development? Get a Free app development quote now!
Wrapping Up
Mobile payment applications like Paytm development have a great scope in the current and future business environments. Since most of the population is comfortable with digital payments, Paytm, Google Pay, or PhonePe-like mobile payment apps will have a bright future.
Let us know your app idea. We create the best clone of Paytm.
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