How Much Does It Cost To Make An App Like Paytm?
Paytm (Pay through Mobile) is India’s largest mobile payments and commerce platform. It was founded a couple of years ago in 2010 by Vijay Sekhar Sharma. One97 communications incubated it as a mobile recharge website. Starting from being an online mobile recharge platform and payments of bills, with the passage of time, it has developed and grown on to become one of India’s leading online marketplaces in present times.
Paytm has over 350 million active users and is undoubtedly one of those rare unicorn startups that made their place in the world of technology over time. Not to mention, with adding 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 readily available on the following: iOS, Android and Windows smartphones. India is currently in high demand for digital, online recharge applications and has some of the best online recharge application development companies.
Mobile wallets like Paytm are bound to increase brand management and mobile payment with consumers and create excellent infrastructure for existing businesses. The fantastic thing about mobile wallets is that they enable customers to use Visa cards or MasterCard without having to carry them in their hands. Hence, if you are on the look-out for making an app like Paytm, take a seat and gain the knowledge you seek.
Key features of Paytm for users:
- Sign-up/Sign-in through mobile number with OTP and email
- User profile
- Transaction history
- Add money to your Paytm Wallet by a credit card, debit card or net banking
- Easily send money to other Paytm wallets by scanning phone numbers or QR codes
- Pay utility bills such as water, gas, and electricity bill
- Recharge data card, mobile phones and metro card
- Pay all landline, broadband and postpaid bills
- Pay fees for school/college along with insurance premium
- Coupon code
- Cashback
- Optional E-Commerce marketplace
Key features for admin:
- User management
- Wallet management
- Digital payments module
- Coupon code
- Cashback module
- Customer support
- Feedback module
Technologies stack and the role they play in the cost of development
The cost of developing an app like Paytm also varies based on the incorporated technologies, which are the following:
- Datastax for Data Management
- Cloud environment for AWS
- GitHub
- GWT for Robust programming
- Twilio and Bandwidth for Push Notifications
- Mandrill for all aspects linked to emails
- HTML5
- Nexmo for Phone Verification, SMS & Voice
- ZBar Universal Product Code reader for QR code scanning
- PayPal and Braintree for accepting all types of payments
- Debian for Universal OS
- Atlassian JIRA
- Database — HBase, Postgres, MongoDB, Cassandra, MailChimp integration
- Amazon (Route 53, Elastic Load Balancing & EC2)
- App platform (Windows, Android or iOS)
- Materialize
- WordPress
- OpenSearch
If you are planning to create an app similar to Paytm, you need to focus on the wallet feature to start with and also take it from there since the same was done by Paytm.
Features of the Paytm app:
App Design:
The most significant thing that a wallet app needs to be is crisp & user-friendly. If people get lost and confused while using your app, users are not going to trust you with their money and opt to use another app instead.
App Platform (Android, iPhone):
App development cost tends to vary from platform to platform. And if you are seeking to target a local/semi-urban/rural market, we’d suggest you start with an Android app initially.
App size:
If you are targeting a specific market where your users have a fair idea about the competition, app size becomes highly essential. Keep in mind that a heavier app may result in your users shifting to a direct competitor. For this reason, it’s necessary to keep things as light as possible, to have a competitive edge. Nobody likes their phone memory to be full.
The total cost of development:
The approximate cost to develop an application like Paytm is around $50,000. It will be estimated as per the $20 per hour rate and applies to both platforms.
