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How much does it cost to develop an app like Paytm?
General cost estimation as per the features added to an app like Paytm - By Rapidsoft Technologies
What is Paytm?
Initially launched as a prepaid mobile recharge website in August 2010, Paytm has today become the India’s most popular mobile wallet app. Paytm, as a mobile wallet app, was launched in 2013. Currently, the app is country’s one the largest mobile payment service providers with more than 150 million wallets and 75 million Android based app downloaded as of November 2016.
Apart from being a wallet app, Paytm lets users also book air tickets, taxis, movies tickets, recharge mobile, refill vehicle fuel, and make payment to DTH, broadband, electricity bills among several others. Also, it can be used for transferring money but the feature is available only in the app, not in its desktop version.
How does Paytm work?
There are two ways the Paytm app works. One is Paytm wallet and another is Paytm payment bank. In the first way, users can add money to their wallet through credit card, debit card, online banking and banking partners. Once the money added to the app, user can use it to pay various bills without any need of liquid cash. Users need to go through following steps to use the Paytm wallet feature.
- Download the app from the app store.
- Use your mobile number and an email ID to sign-up the Paytm account.
- Add money to the wallet by transferring it through your bank account.
- Upon payment is added to the wallet, you can use pay or send options.
- Sign-out the account once payment is made.
In the second way, this app works as the Paytm Payment Bank. It works similar to other banks. It’s easy to migrate from Paytm wallet account to Paytm Payment bank account. Later, users can have the benefits of both apps.
What features make an app like Paytm?
Easy payment to online and offline purchase
Paytm has become the first choice of Indians who use it because it lets them easily pay for both online and offline purchases. Other wallet apps too have this feature but in Paytm, users are able to pay for purchase in matter of seconds.
Easy shopping of electronic items, apparels, appliances, equipment and various others products.
The store of Paytm itself is e-commerce platform that lets users easily buy a variety of electronic items like phones and laptops, appliances, as well as clothes equipment and various other products.
Booking of bus tickets, hotel rooms and various music, tv and movies shows.
The app provides the easiest means of booking tickets of buses, hotel rooms, and a number music, TV and movie shows.
Quick payment to purchases.
Paytm provides the quickest ways to make payment and transfer money from the Paytm account of one users to another Paytm users.
Above all, Paytm provides a number of cashback offers on paying bills and purchases through the app. This feature makes it the first of the users wishing to pay without liquid cash.
Paytm is an unclaimed leader in India wallet app market. Developing a similar app like for both platform may cost between $15000 and $25000. Cost may vary as per the requirement of features and implementation of complex functions.
Disclaimer: The Information that this page contains is for promotional purpose only. We do not intend to take advantages of any brand mentioned here. We do not damage any copyright. Rapidsoft designs and develops apps from the scratch only.