Completed 12 Years
Last Updated: 11 Oct 2021 | 10 min read
The mobile wallet application called Paytm is an online payment system created in India. Owned and managed by ONE97 Communication, it’s an app perfectly worth recreating if you expect your app-based business venture to be profitable.
Paytm has quite a profound brand presence on the internet and on the smartphones of hundreds and thousands of people as a digital wallet. Created, owned, and managed by ONE97 Communication, a digital wallet organization based in Noida, India, Paytm has been expanding constantly. Currently, it’s standing on the frontlines in the battle to go cashless in India.
It facilitates open accounts and money transferring features from one account to another. Folks all over the world, including India, are gradually leaning more and more towards cashless transactions. In fact, it has become more of a necessity, especially after the pandemic. Of course, the fame earned by this application couldn’t prevent competitors from stepping in.
If you think you have a fantastic business idea that needs an app like Paytm, you shouldn’t hesitate to work with a top rated mobile app development company. Just because business giants like Amazon and Flipkart have locked horns with Paytm doesn’t mean you can slip in and join the fight.
Before you attempt to create a clone of Paytm, you should understand what you need to build. Naturally, you must take a closer look at Paytm, what it does, and how it does so. It’s a digital wallet, as you already know, that works bi-directionally.
It connects a user to a digital wallet on one side and a payment bank on the other. This feature facilitates payments without the need for liquid money. Users can also scan QR codes of products to purchase them if they don’t have an internet connection at that moment.
Users can also rely on its money-transfer systems to deposit money accumulated in the wallet to a bank account. To do that, one has to do the following.
As you can see, by working with a top-rated mobile app development company, you’ll simplify the task of transferring money.
Depending on the condition of the network and bank servers, it may take a fraction of a second or several days for the transaction to conclude. If the transference procedure fails for any reason, the app will redeem the user’s money into the digital wallet.
Paytm wallet even allows users to make cashless payments without an active internet connection. If a user purchases something from a dealer who accepts cashless payments, the user can dispatch money digitally against a one-time password, QR code, or bar code.
As already mentioned above, a mobile wallet application like Paytm is a tool for making digital payments. When designed by a top rated mobile app development company, it lets users move money from their account or credit card to the digital wallet for web-based transactions.
The reason Paytm became a smashing success is the level of confidence it managed to garner from its clients. During the earliest days, Paytm had a customer service department in place. This department had to handle customer complaints and answer questions constantly.
According to a spokesperson from the brand, Paytm had to spend almost 30% of its entire campaign budget just to build consumer interest. The path followed by this brand to reach the top is now the highway that any startup can rely on. Only a handful of people are aware of the fact that Paytm is one of the few businesses in the world that earned Series-A funds.
Hundreds of people, particularly consumers, doubted the business model followed by Paytm. This massive digital bank often offers ludicrously large sums of money. Unfortunately, it’s impossible to refund the same in the client’s financial account.
The demonetization event provided Paytm with a new game plan. It allowed the company to expand its foundation among technologically conscious yet less educated people, including street vendors and hawkers.
For every kind of business out there, a mobile wallet app built by a top rated mobile app development company can offer a straightforward alternative. With such an app, consumers can buy products online, which, in turn, will increase the sales of the seller.
With every passing day, the market of mobile wallet apps keeps on increasing. They’re particularly popular among Gen-Z and millennials. More and more people are using mobile wallets to make in-store payments, transfer money online, make POS transactions, etc.
Based on a report generated by a market research organization, the market size of mobile payment systems was around $1,043.1 billion back in 2019. The same report claims that this amount will hit $7,580.1 billion within the next six years as it has a CAGR value of 28.2%.
Here’s a pictorial representation of these statistics (Link).
Apple Pay turned the tables and surpassed Samsung Pay with only 34 million subscribers some time ago. The worst thing, however, is that Samsun Pay fell by 4% within two years of its launch. WeChat Pay, an offshoot of the chat application called WeChat from China, left all rivals behind in the race. It has over 600 million subscribers.
You can hire dedicated mobile app developers to get your mobile wallet app created. First, however, you have to know about the types of online transactions available right now.
You already know what these are. These applications store payment-related and credit card info on your phone. They also act like digital wallets allowing you to make purchases directly over the internet.
This one is a novel concept, indeed. Audio-based payment systems allow you to make contactless payments using sound waves. One example of this technology is Near Field Communication or NFC.
NFC or Near Field Communication is a form of wireless network technology. It utilizes high-frequency short-range systems. NFC also makes it possible to share data between devices.
This one has been around for a long time. Internet banking allows customers to make financial transactions over the web. With it, an individual can deposit money at a bank, transfer money to someone else’s account, and pay for products over the web.
Just as there are different methods of transactions, there are various types of e-walled applications. You should ascertain what you want to create before you hire dedicated mobile app developers.
Close electronic wallets have been part of the e-commerce industry for a long time. These wallets are the best tools you can use to generate consumer satisfaction through credit money and compensated cash. Amazon Pay is an example of closed e-wallets.
A semi-closed e-wallet application will allow users to purchase products from a specific list of traders. Now, despite offering minimal coverage, users can rely on these digital wallets for both offline and online transactions.
Only a bank or an associate of similar financial establishments can issue an open wallet. Other than withdrawing funds or transferring the same using bank cards, users with a vacant wallet can rely on these for every kind of transaction allowed in semi-closed wallets.
Almost every kind of business or industry will benefit from an e-wallet application. Nevertheless, it shares an intrinsic connection with the finance industry. As these apps store credit, debit, and gift cards, apart from digital currencies, they’re partly effective for numerous businesses. In fact, local businesses can cater to international customers with such an application.
You’re probably aware of how popular food and grocery delivery services are at the moment. It’s also noteworthy that most of these applications remain combined with online payment platforms. E-wallets are perfect for businesses with a stake in grocery or food delivery services.
Today, not many people pay cash after travelling from point A to point B in a taxi. Just as they use a mobile application to hire the cab, they pay for the service using an e-wallet application. For taxi booking companies, a mobile wallet can help preserve transparency between the business and its clients.
Even a few years ago, folks used to pay bills physically by visiting the office of their electricity service providers. Today, they do it while lounging on their couches. E-wallets are the best for paying bills because it makes everyone clear their dues promptly.
E-wallets are the lifelines of online businesses allowing their clients to book flight or train tickets and even hotel rooms. Users can pay bus, train, and flight fares, as well as the charge of a room. Event ticket booking platforms also use e-wallets to make things easier for attendees.
Finally, mobile wallets are a must-have for all e-commerce businesses. While an e-commerce company can choose to accept “cash-on-delivery,” digital wallets make it easier for buyers who want to pay for a product the moment they purchase it. That’s why they hire dedicated mobile app developers to create an e-wallet for their platform.
Now, it’s time to take a look at the features you need to include in your application.
Usually, app developers in India charge anywhere between $10 and $80/ hour for developing a Paytm clone. Conversely, the price increases to $30 or $150/hour in Eastern Europe. In the USA, development costs will range between $50 and $250/hour.
Those who rely on the services of mobile app developers understand the importance of researching service providers before hiring one. Remember to do your due diligence before moving forward.
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