How Much Does it Cost to Develop an App like Paytm

How Much Does an App like Paytm Cost?

At present, every country is moving towards digitization to build a cashless economy. Where ever you go maybe shops, restaurants, and many more places you will find mobile wallet applications. Everyone from a small street vendor to a big business is opting for mobile payments. With this, the demand for mobile wallet apps is increasing with flying jet speed.

All mobile wallets are enormously helpful to users as it eases the transaction of money.

Guess what?

These days, many brands are making their own mobile wallet apps because it eases and simplifies the transaction process. Among the various mobile wallet apps in the country, the Paytm mobile recharge app is the most accessible and widely used.

If you are reading this point, it means that you are a very enthusiastic business person to learn about how Paytm clone app works? Who developed Paytm app? How to create wallet app like Paytm? How much does an app like Paytm cost?

Cool! Now, we are going to provide in-depth about the development of an app like Paytm and the cost involved for the complete development process.

What is Paytm?

Paytm (Pay Through Mobile) is the largest online recharge company in India. Owned by One97 Communications, Paytm began operations with online mobile recharge and later expanded to online shopping with a similar kind of products that are sold by Flipkart, Amazon.com, and Snapdeal.

With the addition of bus ticket booking and electricity bill payment to its service portfolio, Paytm has become an all-in-one portal. The Paytm mobile app technology is available on iOS, Android and Windows smartphones. India is in high demand for digital, online recharge applications and the best online recharge application development companies.

Mobile wallets like Paytm will increase brand management and mobile payment with consumers and create great infrastructure for existing businesses. The amazing thing about mobile wallets is that they enable customers to use Visa cards or MasterCard without having to carry them.

How Does Paytm Work?

The Paytm mobile application works in two ways. One is Paytm payment bank and teh other is Paytm mobile wallet. First, Paytm users can add money to their mobile wallet through online banking, debit card, credit card, or other banking partners. After adding money to the app, they can use it to pay any bills like electricity, recharge, shopping bill, dish, etc., without having cash on your hand.

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Overview of Paytm’s Success:

Now, Paytm is Indis’ largest payment gateway application with over 50% market share. According to Paytm sources, it is processing 400 million transactions every month. It has 450 million registered users by the third quarter of 2019 and aims to reach 250 million active monthly customers by March 2020.

As of October 2018, Paytm had 179 million UPI transactions. As a promising venture, Paytm has received a $ 575 million investment from China e-commerce company Alibaba Group. Indian entrepreneur Ratan Tata has also made personal investments in Paytm. Paytm plans to launch its operations in Canada and other Western markets.

We at FuGenx – mobile wallet application development company / global technology service providing company specializing in mobile app and mobile game development. Our expert team knows well how to create wallet like Paytm, how to design Paytm like app and can estimate the cost to build app like Paytm. We have helped hundreds of inspired entrepreneurs to develop successful e-commerce and online recharge applications with innovative features and futuristic solutions.

share of smart phone installs of paytm and phone pay etc

How To Develop An Android App Like Paytm?

Well, Paytm app developers can estimate the cost of making app like Paytm based on several key features and functionalities. If you want to know cost to Develop an Mobile wallet App or Travel booking app development cost or cost to develop online booking app or cost to make travel booking app or cost to develop travel booking app, then Let’s have a look at

Key features of Paytm App:

These are essential and basic features one most include while developing an app like Paytm.

* User panel: User Registration, Bank account linking, Adding money to the account, Fund transfer & receive, e-Wallet passbook, Transactions history, Offers, Paytm electricity bill payments, Booking tickets (Bus, Train, Flight), Reviews & ratings, Refer to a friend and choose the preferred language.

*Admin Panel: Dashboard, User profile management, new offers releases, Real-time analytics & reporting, Add/Block features, Push notifications.

*Additional features: As of now, we discussed the essential functions of the Paytm like app development. These are the other features that will help you go ahead of your competitors. Digital receipt, Push notifications, In-app camera, Geo-location, Booking calendar, Loyalty program, QR code, Cloud operations, Wearable integration.

I think you got an idea about what features should be integrated in Paytm clone app while designing a Paytm like app.Now, we will be discussing about the major factors that impact the e wallet app development cost.

Factors affecting Paytm like app development cost

The Paytm wallet app development cost or any online Recharge app development depends on the following key elements:

App platform (Android, iOS, or Windows):

When you are building an app like Paytm or any other online recharge app, the primary and foremost thing one must ponder is the development platform. There is a significant variance between the platforms in terms of the Paytm app design cost.

App design:

Compelling Paytm app design is crucial for an app like Paytm to engage and retain customers. Appealing and user-friendly design helps to bring repeated customers. Designing an intuitive app requires the effective use of advanced technologies and tools, which may increase the cost, but worthy.

Since user-experience and user-interface are everything for an app, user-friendliness of the app plays a vibrant role in the app’s accomplishment, which eventually increases the Paytm design cost.

App size:

The cost to make an app like Paytm comprehensively depends on the kind of features and functionalities you pick. The app size can be abridged by giving preference for only core features (recharge element) in the version 1 of the app and with the best development practices

FuGenX demonstrated the proven and sought-after development practices in online recharge app development app like Paytm

App team:

For creating an app like Paytm, we should have a strong team that is very powerful and efficient. For developing a mobile app, we need vProject Manager, vRequirement Analyst, vDevelopers, QA engineers, Mobile app developers (IOS and Android) and UI/UX designers.

One more thing you must consider is the geographical location and size of the company when you Hire Paytm app developers. Developers in India: $10-80/hour, Eastern Europe: $30-150/hour, USA cost: $50-250/hour. The cost to develop Paytm like app will differ from a small company to a multinational company.

Online recharge wallet app development cost

Mobile wallet:

Online recharge apps are nothing without a wallet. Mobile wallet app development and its perfect integration takes additional hours and cost to be done. The cost to build app like Paytm can be reduced by having a proper road-map in the strategy phase).

Features and Functionalities that Impact App Cost

The cost to develop Paytm app or any online recharge app cost is estimated on the following basic and advanced features apart from the factors mentioned above.

Final words

Don’t get trapped by false advertisements saying, “Build an app like Paytm in 24 hours” because it will take around 2-3 months to develop a full-fledged mobile app.

I feel you are pleased and got a perfect view of the cloning of an app like Paytm. If you are still stuck with any hesitations regarding features, functions, and costs of the development, please reach us.

We are happy to serve you!

How Much Does It Cost To Build An eWallet App?

As we discussed in the above section, features, functionalities, app platform (Android/iOS/Windows), app design, and mobile app development team’s size, experience & location will impact the Paytm wallet app development cost.

Based on all these factors, the cost to build an app like Paytm with basic features and simple UI design will fall around $15,000-$20,000.

The estimated cost of mobile wallet app development Like Paytm with medium-level complexity and external API integrations will range from $25,000-$30,000.

Further, the integration of advanced features such as location tracking, QR scanner, and auto bill reminder will increase the cost to develop an app like Paytm to $50,000+. Hence, the cost to create an e-wallet app like Paytm will purely depend on the application requirements.

The best custom mobile app development company like FuGenX will offer you the best development quote and deliver a feature-rich eWallet app for Android and iPhone within the promised timelines.

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