How much does it cost to develop an android iOS app like Paytm?
In the current fast-paced world, every nation is striving to shift towards digitization. Due to this all the public places like shops, malls, restaurants and many more are having options for online payments and mobile wallet apps. The mobile wallets are extremely helpful to users as it eases the transaction of money. Ranging from a small street seller to a huge businessman, all are opting for mobile payments. Due to this, the demand for mobile wallet apps is swelling at high speed. Many organizations are favoring to develop similar apps like Paytm and associating with the best mobile app developing companies like Brill Mindz to develop profitable apps.
What is Paytm?and How much does it cost to develop an android iOS app like Paytm?
Paytm is the most widespread mobile wallet app. Paytm supports users to book movies and air tickets, taxis, recharge phones, and also make payments to electricity bills, DTH, broadband, etc. It is offered on iOS, Android, and Windows platforms. The app can also be utilized for transferring money. It has a mobile wallet that accumulates the transferred amount and helps to use them wherever required. The transfer of money can be done via online banking or debit/credit cards via a user-specific bank. Because of the availability of various services in a single platform, Paytm has grown to be the largest mobile wallet app in the market.
How does Paytm work?
Paytm app works in two different ways. One is the Paytm wallet and the other is Paytm payment bank. As mentioned above, in the Paytm wallet option, the users can add money to their wallet via debit card, credit card and also online banking with their respective banking partners. In this process of transferring the money to the wallet, the user has the option to utilize the app to pay various bills without the hassle of using any physical cash. There are a few stipulated steps to use the Paytm feature. They are:
- Users need to download the Paytm app from the Google Play store.
- After downloading the app, the user has to enter his mobile number and email ID for registering and logging in to the Paytm account.
- Now user can add the money to the Paytm Wallet via his bank.
- After the money transfer, the user can utilize the app to perform any payment transaction.
- Once the payment is done, the user can sign-out from the account.
- If the user wants to make use of the Paytm payment bank, it is similar to the operation of other banks. It will provide a quick and basic banking service to the people. Only the money present in the payments bank will earn interest but not the Paytm Wallet.
Features of an app like Paytm:
Paytm is gaining popularity because it has offered a hassle-free online payment option to the users without any delay. Users can shop for any electronic items, goods, appliances, clothing and any other products with the use of Paytm.
Booking of the bus, air, movie tickets, hotel rooms or even music shows or tv shows is made very simple with the advent of the app.
Transfer money between users:
Paytm has the fastest way of money transfer from the Paytm account of one user to another Paytm user. This is a very useful feature that contributed to the success of the app.
Paytm provides several exciting cashbacks offers on various purchases and payment of bills. This feature has made people go for this mode of payment and not use any liquid cash.
Variety of bill payments and online recharge:
Paytm app allows recharge of mobile phones for all the service providers and also has the provision for recharging your DTH services. Moreover, you can also pay your water, electricity or LPG bills via Paytm.
Offline payments are possible with Paytm wallets. Retailers with the option of Paytm mode of payment will have their QR codes or bar codes which can be employed by the users to scan and complete the payment. Just open the app, scan the code and authorize the One Time Password (OTP) to complete the offline payment.
Factors affecting the cost to develop an Android iOS app like Paytm:
App Design: The most significant thing is that an app like Paytm needs to be fast andreliable. If there are certain situations where the user gets chaotic or confused, they may lose your trust as it involves crucial financial transactions. Hence the design of the app needs to be user-friendly and also attractive. If the usage of modern graphics is done, then it may surely make your app look more fabulous but it will increase the overall development cost of the app.
App size: If you are targeting an urban market where the users have access to all the other competitor products, then app size becomes a crucial factor. If the app is loaded with a huge number of features then it directly impacts the app size which may increase the total development cost in handling the app.
App platform: You need to be properly aware of your target customers and location to be sure of the platform in which you will build the app. Usually, the development cost of the iOS is app is more than that of Android when per hour charges of development are considered. But when you see the number of devices on the Android platform, it will come on the higher side of total development cost.
Since the world is going digital, apps like Paytm are gaining popularity. They make customer’s life easier and also aids the companies to bring more customers. It is providing a splendid opportunity to make more profits and standout in the market. If you are looking to build an app like Paytm, then contact a top mobile app development company like Brill Mindz, who have supported many organizations and start-ups to develop successful mobile apps with innovative features and revolutionary solutions.