How Much Does It Cost to Develop an App like Paytm?

How Much Does It Cost to Develop an App like Paytm?

With e-commerce applications taking over a big chunk of the global business, the prospects of developing a cashless economy have revived. Not to mention, alternative payment options have also increased substantially.

The popularity of these quick payment options led to the development of various payment wallet applications like Paytm, Google Pay, PhonePe, and more. It allows users to transfer money digitally be it for online purchases or purchases at a physical store.

These are digital accounts or wallets where a person can transfer money and use it to make payments on online purchases, as well as use it to make payments in physical stores.

Mobile applications like Paytm have a high usage frequency in India where users are finding it convenient to make transactions through these apps. Not only does it allow users to make payments to businesses but also to transfer money to family and friends without physically visiting the bank.

However, developing a mobile wallet app requires you to ascertain several factors. These factors also directly affect the cost of creating the application. So, if you want to know the mobile app development cost estimate, this post might give you a fair idea.

Requirement:

You will need to build an app that enables customers to add the money from their account or sync it with the app. They can use this money for paying bills in stores by scanning a QR code or through their number.

The app must also allow them to view their transaction summary and transfer funds to other bank accounts. Lately, these wallet applications also have a ticket-booking feature wherein users can do their booking seamlessly.

These are some of the basic requirements you need to know before proceeding with development.

Features for Customers:

An application like Paytm will be used both by businesses and normal users. Therefore, it must-have features for both. For customers, developers must build an Android and iOS application where they log in and carry out transactions seamlessly.

Some of the fundamental features they must create are:

• · A screen comprising of 4 slides.
• · Application to work only in portrait mode both in Android and iOS devices.
• · Compatibility in all resolutions.
• The other important features include:

Registration/Login:

Every user must register and login into the application in the following process:· A user must register with his or her mobile number. For OTP verification, the user must be integrated with a gateway to receive a code.· In case the OTP is timed out, users will need an option to receive a code again.

· Once the user is successfully verified, he or she can access the application.

Add Money:

The add money feature must provide users with the following options:

• · A button that allows users to enter an amount.
• · An option for users to access a promo code offered in the app.
• · A button that allows users to integrate with the payment gateway of various banks for them to carry out transactions.
• · After the payment is completed, users must receive a confirmation on their app.
• · A ‘view balance’ option on the main page of the application.

Wallet History:

The wallet history feature must provide users with the following options:

• · To view the transaction list with relevant details such as amount, date, time, etc.
• · Filter options for ‘received’ and ‘paid’ transactions.
• · To view complete details of each transaction.
• · To share transaction details on other applications or platforms.
• · The option to download transaction lists.

Payment:

The payment options must comprise of the following:

• · Payment through phone number.
• · Payment by scanning a unique QR code.
• · Push notification coupled with SMS notification once the payment has been completed.

Nearby Merchants:

This feature must allow users to:

• · View the list of stores nearby.
• · List the relevant details of each store like the logo, name, and distance from the location.
• · To filter the stores based on categories.

Features for Merchants:

An e-wallet mobile application must comprise separate options for merchants. This involves building features wherein merchants can log in and carry out transactions on the application. Here, the fundamental features of the app are to remain the same.

Registration/Login:

· A merchant must register on the app.· Merchants must list details like name, address, email ID, and category of the business.· The OTP verification takes place once all the details are given.· The account should be approved by an admin from the backend and integration of the SMS gateway.

· Once verification is completed, merchants must be able to access the application features.

Wallet history:

Through the wallet history feature, merchants should be able to:

• · View their existing account balance on the main page.
• · See the transactions list with all the relevant details.
• · Filter options like a customer account.
• · View all the details of each transaction.
• · Option to download the transactions.

Accept the Payment:

Merchants require a QR code and a phone number to accept payments from their customers through the e-wallet app.

CMS Page:

The CMS page is a common feature for both customers and merchants. It comprises of:

· About Us page consisting of details about the app.

• · Terms and conditions.
• · FAQs
• · Privacy policies.

Closing Thoughts:

E-wallet mobile applications like Paytm are on-demand apps that hold promising prospects for business enterprises. The above-mentioned features are factors based on which e-wallet mobile app development cost in India can be determined.

If you are looking to launch an efficient app cost-effectively, then hiring us for mobile app development is your best choice. At Sapizon Technologies, we are one of the best mobile app development companies.

We develop next-gen mobile app solutions to help our clients enhance their businesses. Our services include development on Android, iOS, and Hybrid mobile apps along with enterprise mobility solutions, e-commerce mobile app solutions.