Anil Kondla
Last Updated on July 4, 2024 by Team Experts
With most of the world moving towards digitization, cashless payments are creating a revolution among the people. The advent of mobile wallets gave a ray of hope for people to go cashless for their shopping. These mobile wallets make all human activities easy with just a few clicks, and also they assure to transact their money effortlessly. On analyzing the user demands of such mobile wallets, Statista has claimed that the users of these mobile wallets will increase two times by the end of the year.
The success story of Paytm
Mobile wallets have now become a necessity for people to carry out their transactions. There are many brands of mobile wallets available in the market. Paytm is one among them with a vast number of users owing to its accessibility. Paytm was started in 2009 by One97 communications, and initially, it began its operations by providing online mobile recharge. Later on, it expanded its services on online shopping. Within eight years, the app gained 250 million users.
Paytm operates in two dimensions- one is Paytm bank, and the other is a mobile wallet. The users can deposit to the Paytm account by mobile banking or through credit/debit cards. Upon adding the money to the account, the users can use their account to pay their bills for recharge, shopping, electricity, etc., through cashless transactions. The Statista report claims that Paytm bank operated as a remitter for nearly 150 million UPI transactions. Now, Paytm can handle more than 5000 transactions in one second. The easy-to-use feature of Paytm has gained more users in recent years.
After the Covid 19 crisis, people became more conscious about cashless transactions. The number of mobile wallet users has increased. The demand from the users is a key for the entrepreneurs to invest their ideas. Entrepreneurs can flourish in the market by launching a mobile wallet. A Paytm clone is a robust app developed with the same similarities as the Paytm app. A Paytm clone script will be a perfect launchpad for budding entrepreneurs to start their careers. If you are an entrepreneur with ideas to create your mobile wallet app, here are few things that you have to know before developing your Paytm clone app.
Salient features of the Paytm clone app.
The success of your app depends on the features of your app. So, it is essential to incorporate all basic features in your app for proper functionality. The Paytm clone app should have two modules- The user app and the admin panel. These two modules are necessary for your app to function successfully. Let us examine the features of these panels.
Features of user app
- Registration
The users will get a registration page after downloading the application on their mobile phones. The registration page should be simple for the users to log in with their email addresses, phone numbers, passwords, etc.
- Linking the bank details
Upon registration, the next step is to connect their bank account or debit or credit cards with the app.
- Bill payments
The feature enables the users to pay their bills for recharge, electricity, DTH bills, etc.
- Fund transfer
With this feature, the users can send their money to other users in no matter of time. The money gets transferred to other users instantly with no delay.
- Check balance
The users can check their balances from the app at any time and can also view their transaction history from the app.
- Coupons and discounts
The users can win gift cards and coupons upon every transaction.
Admin panel
- Dashboard
The dashboard collects all the necessary information about the users, including the analytics for the admin to take into control.
- Record transactions
Through an admin panel, the app owners can track all the transaction records of the users.
- Real-time tracking
The admin can do a real-time analysis of the number of active users and the number of users’ transactions.
Additional features of the app
As discussed earlier, the cutting-edge features of an app decide the success of the app. The app can perform its essential functions with the features mentioned above, but some additional features are needed for an app to perform uniquely. Some of the additional features are Providing Geo-location or GPS, In-app camera, push notifications, QR code scanning, Digital receipt, and loyalty programs.
What will be the cost to develop a Paytm clone script?
Developing an app is like making a one-time investment for your business. The Paytm clone app you create now is for the long run, so hire the best developers from the town who can do market research on the latest trends and demands. The features that you want to have on your app decides the cost for app development. Apart from the features, certain factors also affect the cost implications.
App platform
The first thought that ponders the mind of the developers is whether to develop an app for Android, Windows, and iOS platforms. The cost for developing your Paytm Clone varies from platform to platform. When creating your Paytm clone, remember that your app should be user-friendly and accessible for all users. So, going with cross platforms will be the best option for your business.
App size
The cost for developing a Paytm clone depends on the features and functionalities you prefer for your app. At the beginning stage of your business, you can focus on providing just the core features, and later on, you can provide additional functionalities to your app.
App design
An excellent app design can get more users, and your Paytm clone needs to have User-friendly features. The UX/UI designs will add more grace to your app. An intriguing user experience and user interface will undoubtedly require you to spend more on app development.
How can you identify the best developers?
There are two options for entrepreneurs to choose between their app developers. One is finding an app developer and starting to develop your app from scratch. Developing an app from scratch will take nearly 5 to 6 months to complete.
The second category is where the entrepreneurs can get their ready-to-launch cloned app from the developers. Many app development companies are pioneered in building Cloned apps. Going with the Paytm clone app will save you time and money. These white-label
Paytm clone app enables business leaders to replace their company name with customized features.
Wrapping up
The growing demand for mobile wallets has inspired many budding entrepreneurs to start their ventures in mobile wallets. All you have to do is to find the best app developers in the market. From the pool of developers, opt for the best-cloned app developers who can develop a scalable and reliable app for your business.
Also read about: 5 Of The Best E-Wallets In India
