The perks of digitization have led many countries to build a cashless economy. The launch of digital wallets made it much easier for them to build so. Digital wallets have created a great demand for people as they facilitate the transaction of money quickly. The rise of mobile wallets resulted in the rise of cashless transactions. Today almost all business entities and retailers use mobile wallets for carrying their transactions as it is easy and secure for them to process transactions.
Some prominent mobile wallets are Paytm, GPay, Rupay, Amazon Pay, Paypal, etc. The wide reach of these mobile wallets has boosted many entrepreneurs to start their mobile wallets. Any entrepreneur can start a venture. But all he needs is a suitable business model for his experience. Individuals who are willing to create a mobile wallet can prefer the Paytm clone app, developed on the lines of the Paytm app. This blog will throw light on the features and ways to build an app like Paytm.
How does the Paytm app work?
Paytm is one of the popular mobile wallets known for providing multiple services on a single platform. The users can pay their bills through this platform and transfer money to other users of the app. Paytm is an integrated wallet where the users can deposit money to their account via online banking, debit cards, credit cards, or depositing cash through banks.
With the Paytm app, the users can pay their bills like electricity, landline/broadbands, water and gas bills, etc. along with this, the users can recharge their mobile phones, DTH cards, metro cards, etc. Paytm also provides various facilities like offline transactions. The users can use the OTP and the QR code scan option from their app and send or receive money through the account. Whenever we break down because of network issues, this feature will help us make our transactions smoothly.
Started in the year 2010, Paytm has emerged as a leading mobile wallet in the market. It is easy and convenient for the users to carry out their actions. The Statista report states that in February 2021, Paytm acted as a remitter bank for nearly 150 million UPI transactions in India.
Ways to develop an app like Paytm
A Paytm clone is an alternative developed with the same distinctive features of the Paytm app. Developing an app from the ground up will be tedious and time-consuming for entrepreneurs. With ready-to-launch Paytm clone scripts from reputed app development companies, the entrepreneurs can launch their app in a short duration, and it is also cost-effective for them. The Paytm clone script is completely customized for the entrepreneurs to add their ideas and thoughts. The Paytm clone app should have two modules - user app and admin panel.
Cost to develop an app like Paytm
Before developing an app like Paytm, the entrepreneurs need to know the cost implications of building a Paytm clone app. The cost of an app depends on the features you opt for and the servers where you want your app to operate. The more the features, the more influential the app will be. As mentioned, a Paytm clone app will have two modules and these two functions to provide quality services for the users, and hence, those features are essential for an app.
Some of the features that are essential for the app to operate are,
User’s app
The User’s app is developed exclusively for the users. Following are the must-to-have features for a user’s app,
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User registration page
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Linking bank account with the app
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Fund transfer
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Transaction history
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Payment of bills
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Adding money to the account
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Coupons and gift cards
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Reviews and ratings.
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Notifications
Admin panel
The admin panel takes control over the activities that happen in the User’s panel. The admin dashboard holds the track and history of all the transactions that occur in the app. Following are the features of an admin panel,
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Dashboard
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User profile management
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Real-time analysis and reporting
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Notifications
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To add or block accounts
Additional features
Apart from the above-mentioned essential features, some additional features are required for the smooth running of the app. For these other features, the entrepreneurs have to spend some extra cost to avail themselves of these features. These are not mandatory features but will enhance the operations of an app. Some of the additional features are,
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Geolocation
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QR or scan code
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Digital receipts
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In-app camera
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Calendar
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Split bills
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Loyalty programs
Apart from this, some factors will also impact the cost implications of the app development. These factors are,
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The app design (UX/UI) also impacts the cost involved in developing a Paytm clone app.
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As you all know, there are three different platforms viz., Android, Windows, and iOS servers. The cost for developing an app on these platforms will vary from others.
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The size of the app also has an impact on the cost factor.
Wrapping up,
Cashless transactions have become the latest buzzword worldwide. This has also increased the demand for more mobile wallets, and utilizing this situation will surely help the entrepreneurs to fly high in colors. Entrepreneurs should hire the best app development companies to get a viable Paytm clone app with cutting-edge technology.
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