Development Cost of an Ecommerce Payment App Like Paytm
Cashless transactions are the next big thing in ecommerce. The entire world is advancing to digitalization rapidly, and you also need to step in and embrace this change. Paytm is one of the pioneers who made digital financial services easy and accessible to mass people. Paytm has been achieving exemplary growth since it started its journey in 2010. Now, it has become the most reliable mobile wallet app in India. Being influenced by Paytm’s success, you may feel urged to come up with a similar app and try out your luck.
What’s the first question that struck your mind? How much does it cost to develop an app like Paytm? Well, at Royex, one of the leading mobile app developers in Dubai, also provides its service in Abu Dhabi, and other cities of the UAE. We’ll be discussing the cost to develop a mobile wallet app like Paytm throughout this article. Before that, let’s know more about Paytm.
Paytm: India's Top Financial Services Mobile App
Paytm hasn't reached today's position overnight. They gradually incorporated every aspect of money transactions into their mobile app, including utility bills, online shopping, entertainment, ticket booking, mobile recharges card payments and more. Vijay Shekhar Sharma founded Paytm in Noida, India with a mission to expose half a billion Indian citizens to the mainstream economy via mobile payments, ecommerce, banking, investments, and other financial services. Paytm has investors like Softbank, AGH Holdings, Ant Financial, SAIF Partners, T Rowe Price, Discovery Capital, and Berkshire Hathaway on board who are helping it move forward to accomplish the mission.
What Are the Services of Paytm?
Paytm has successfully earned the trust of more than 45 crore Indians for the variety of services it offers. Users can use this app to perform bank to bank money transfers; instantly make payments for online stores, food delivery services, movie tickets, and ride-sharing apps; recharge money for mobile, FASTag, DTH, and more. They can also pay bills for their postpaid payments, credit cards, insurance fees, and utility bills including water, gas, electricity, landline, broadband, and more. Check the following list to know more about Paytm’s services. Paytm allows its users to:
- Receive or send money directly from any bank account or phone number
- Manage several bank accounts across banks that support BHIM UPI
- Get exclusive mobile recharge deals for operators like Jio, Airtel, Vodafone Idea, MTNL, and BSNL
- Pay for DTH connections like Tata Sky, Sun Direct, Airtel, Dish TV, Videocon D2H, etc. and receive cashback offers
- Recharge metro cards- only applicable to Hyderabad, Mumbai, and Delhi metro
- Purchase and manage Fastag for every vehicle with minimum documentation
- Get Fastag recharge facility for all renowned providers- ICICI, IndusInd, Axis Bank, HDFC, Bank of Baroda, etc.
- Pay electricity bills for over 60 providers such as BESCOM, BSES, PSPCL, UPPCL, MSEB, TSSPDCL, etc.
- Make bills payment for water, gas, e-challan, municipal, and more
- Manage due payments and enable auto payment
- Complete cashless transactions in offline stores including pharmacies, restaurants, grocery shops, retail stores, petrol stations, etc.
- Buy from online stores, entertainment apps/sites, food delivery apps, and other 100+ service providers
- Buy, sell, and gift pure gold (24K) at live market rates with no hidden costs
- Get credit reports from all banks’ credit cards and loans
- Buy now and pay later with Paytm Postpaid within ₹1,00,000/- credit limit
- Book online bus, train, and plane tickets from all major service providers
- Get all favorite apps (Domino’s, Box8, Ola, McDonald’s, Rapido, etc.) on a single platform of Paytm
- Shop online from Paytm Mall from a plethora of different categories
Salient Features of Paytm App
Apps like Paytm include two aspects of the development process. One is from the user’s viewpoint and the other is from the admin’s viewpoint. The key features of Paytm mobile app for users are as follows.
- Sign-up/Login with email, mobile number, and OTP
- Manage user profile equipped with transaction history
- Bank account listing and linking
- Manage ratings and reviews
- Add money to Paytm mobile wallet from bank accounts & cards
- Send cash to other Paytm accounts by scanning QR codes or using phone numbers
- Multiple bill payment systems for diverse service providers
- Participate in referral programs
- Proper coupon code application
- Manage cashback offers
The following points are key features of Paytm mobile wallet application for admins.
- Dashboard management
- User management
- Digital payment modules
- Wallet management
- New offers, discounts, and releases
- Cashback & coupon code module
- Feedback & customer support module
- Real-time analysis and reports
- Push notification features
There are a few other additional features that help a financial services app like Paytm stand out among the crowd. Such as:
- Digital receipt
- In-app camera
- Booking calendar
- Loyalty program
- Cloud operations
- Wearable integration
- QR code scanner, etc.
Factors That Affect the Development Cost of an App Like Paytm
The development cost of an app depends basically on the functionality, features, and complexity of the app. You can develop a simple app with fewer features and complexity within a tight budget. But, as apps like Paytm involve a lot of features with high levels of complexities, it will cost more to develop such apps. The following factors play a pivotal role in affecting the development cost of an ecommerce payment app like Paytm.
Different platforms come with different levels of complexities. Some require more written codes, whereas others function properly with minimal codes. Besides, you need to test the app on a number of devices and there’s always a battle between hybrid and native platforms. The type of app development platforms thus affects the development cost.
This part plays the central role in making the app user-friendly and aesthetically pleasing. An app should be designed in such a way that users find it easy and convenient to use without facing any issues or bugs. If you can invest more in using advanced technologies to come up with high-end designs, the development cost will rise higher. Quality app designs require you to spend more on design purposes.
App Development Team
You must employ a highly skilled experienced team of mobile app developers to create an app like Paytm equipped with amazing features, designs, and functionality. Inexperienced developers are likely to make a blunder while developing such intricate mobile apps. Naturally, good quality developers with high experience will charge you more to develop a mobile app. If you are looking for experienced mobile app developers in Dubai, we can help you to a great extent.
Paytm didn't become this big within months, it took them years and dozens of developers to build such an app with this number of features. As a beginner, you may not need all these features. Choose only the required functionality and invest money in making them useful for the users. The more features you add, the costlier it will be to develop an app like Paytm. We suggest you go for fewer features at the beginning. Introduce new features and functionalities once you gain popularity.
You have to collaborate with third parties to keep your mobile app functioning smoothly. Especially for mobile apps like Paytm, mobile recharge, bus tickets, movie tickets, and other service providers must give you access to use their APIs. That might cost some money. Besides, integrating these APIs requires more time for the developers which also affects the development cost.
Mobile wallets are the core feature of financial services mobile applications like Paytm. All other features revolve around this transactions-enabled feature that allows users to add money to the wallet, send money to other users, pay bills to vendors, transfer money to selected bank accounts, and cash out the money from agents or ATM booths. Integrating all these features related to mobile wallets demands more time and money.
The Cost to Develop a Mobile Wallet App Like Paytm
Development cost of a financial solution mobile app like Paytm will cost you from AED 60000 to AED 100000. This is just a ballpark figure. We can predict the cost more precisely if you provide us with detailed descriptions of the app, mentioning your requirements and expectations. You can contact us for more details. Email us at firstname.lastname@example.org or call on +971566027916. Here at Royex, we have an experienced developer team who have hands-on experience in making user-friendly, beautiful, functional, and bug-free mobile apps across all platforms.
Why Royex Technologies?
Royex Technologies is a leading web design and mobile app development company in Dubai. We have successfully delivered more than 300 projects to date for our clients around the world. Each day, we’re adding new feathers to our cap. Our sole aim is to provide high-quality mobile apps for our clients. You can check our website and have a look at the portfolio for reassurance. Our committed and dedicated teams work relentlessly to uphold the fame we’ve achieved for the last few years. You can rely on us with the responsibility of making your dreams turn into reality. Let us know what you’re expecting from the app, we’ll do the rest.
About the Author
Md. Tanvir Faisal
Md. Tanvir Faisal is a Content Creator at Royex Technologies with 3 years plus experience in Content Writing, Copywriting, Proofreading, and Editing. He emphasizes writing content that draws social media attention and enhances search engine visibility. To date, he has successfully developed useful content for many websites across all formats.