Nowadays, mobile wallet applications are in huge demand. The use of mobile wallet apps in shops, restaurants, online stores, in-store mobile payments, POS transactions, etc., is growing massively. Mobile wallet apps are beneficial in all types of businesses, as they facilitate the transaction of money.
According to GlobeNewswire, the worldwide mobile wallet market will reach $80 billion by 2026.
Many mobile wallet apps are available, such as PhonePe, Google Pay, Paytm, Mobikwik, Bhim UPI, Paypal, Amazon Pay, etc. Among these, Paytm is the most notable mobile wallet application.
The main reason for Paytm’s popularity is the availability of various services on a single platform. Seeing the massive opportunity, many enterprises want to build an app like Paytm and know its cost.
The cost of making an app like Paytm varies on diverse factors like the application’s platform, design, size, development team, features, and much more.
Let’s have a look.
1. Application platforms
The cost of making an app like Paytm or any other online recharge app differs according to the development platform you select. The price of creating a mobile wallet on the Android platform could range from $20,000 to $50,000 (and more with additional features). On the iOS platform, this price may range from $30,000 to $60,000 (and more with advanced components).
2. Design of the App
An interactive mobile app requires advanced technologies and tools, which may increase the cost. The UI/UX is essential for an application; seamless performance plays a substantial role, increasing the design cost. Engaging app design is crucial for an app like Paytm to attract and retain users. Moreover, an intuitive design facilitates customer loyalty.
3. Application Size
The cost of making an app like Paytm also depends on the features you wish to add to the mobile wallet app. Putting only the primary components in the application’s first version can shorten the app size. But adding more features will increase the size of the application.
4. Application Development Team
You need a project manager, requirement analyst, designers, QA engineers, mobile app developers, and UI/UX designers to create a mobile application. For making an app like Paytm, you should take the help of an app development company that is trustworthy.
You should also consider the geographical location while taking mobile application development services.
- Cost of Developers in the USA: $50-250/hour
- Cost of Developers in Eastern Europe: $30-150/hour
5. Basic Features
Some basic features will affect the cost of creating an app like Paytm.
- Mobile phone recharge options, DTH recharge, etc.
- Flight booking, Train ticket booking, train, movies, event shows.
- Paying various bills such as electricity, gas, broadband metro, etc.
- Integration of different payment options like net banking, debit card, credit card, and payment wallet.
6. Advanced Features
If you wish to add more advanced features, it will increase the cost of making an app like Paytm.
- Loyalty programs offered by retailers like offering rewards and discounts
- Authentication by fingerprint scan
- Access to coupon codes
- Online payment receipts
The cost of building a mobile wallet app like Paytm relies on the sort of features you want. If you need an app with essential features such as user profile, bar codes, and QR codes, then the cost may range from $6,000 to $12,000, and with advanced features such as data syncing, fingerprint scanning, and push notifications, then, it can almost range from $15,000 to $20,000.
We have witnessed how some mobile wallet apps have had massive success in this era of information technology in which everything is transforming at a fast pace. The market is predicted to evolve in the future; hence this might be the best time to invest.
The mobile app development cost to create an app like Paytm may range from $15,000 to $60,000. Therefore, it is good to partner with a wallet app development company to bring your idea into reality. You can also read a complete digital wallet app development guide for more insight.
Brian Comel has 10+ years of experience as a software developer in Sparx IT Solutions. He often writes blogs and journals to share his expertise in software development processes.