Radical advances in digital technology have altered the way we conduct our everyday life.Smart phones have changed the way we do every activity. Shopping and even making payments for the services is not the same any longer.An ever increasing number of people, as well as businesses, are now adopting modern payment techniques.
With Mobile wallets applications, payments can be easily made from anywhere. This has not only made everyday transactions easy and safe but has also facilitated business and commerce at a larger scale.
This alternative form of making payments is now being preferred by large number of people.The main reason behind its popularity is, that a set of important services are being made available under one platform.
Owners of small business enterprise can also expand their business and enhance revenue by incorporating mobile credit card payments options. The mobile wallet offers easy payment options to all the existing online as well as offline purchases.
The store of Paytm itself is an e-commerce platform which allows the users to buy a variety of electronic items such as phones and laptops, clothes, equipment and many other products easily. The app offers the easiest means of booking tickets of hotel rooms, taxi, bus and movie shows.
Witnessing the increasing global competition, many mobile app development companies are now striving eagerly to build up fully functional and customized mobile wallet apps.
Developing mobile wallet application like Paytm takes lot of efforts and investments.During the process of developing an app, you have to amass the requirements, build an engaging design, perform coding and then test the app.
However,one important question is, that how much would it all cost? Well, this cost of developing a mobile wallet app varies with the choice of platform.
But, before delving deep into the cost aspect, let us first have a look at few costly and tedious features that makes the part of mobile wallet app development:
- API development which makes communication between the service providers and users possible
- Integrating payment gateway within your app
- Development of mobile application
- Development of an m-wallet app which will carry out hassle free transaction between various entities
- The overall cost of app development like Paytm depends on factors such as:
- Platform of Mobile Wallet app
Paytm like app’s development cost varies from platform to platform, whether Android, iOS or Windows. However, it is important to note that the difference is not very much.Hence, all the related concerns pertaining to platform selection must be analyzed properly so as to make the implementation simplified.
- Design of Mobile Wallet app
It is very essential for apps such as Paytm to have a functional as well as engaging design. Influential and user friendly design will not only boost your app’s user retention rate but will also provide total comfort and ease to users to browse the app. Designing a fully functional and appealing app calls for an effective use of modern technologies and advanced tools that escalates the cost of app development.
- Size of Mobile Wallet app
The size of mobile wallet application includes the total number of features as well as the functionalities the app is going to offer. However,the app size can be significantly reduced by only including a single recharge feature in the first version of mobile wallet app.
- App development team
The development cost of a mobile wallet like Paytm can vary in accordance with the app developers’ geographic location as well as in the terms of experience. In order to create this kind of an app, it is important to contact a highly professional although expensive mobile app development company which has ample experience in working with different industries sector with varied technology platforms.
Paytm is a distinguished leader amongst other mobile wallet apps.Developing a similar app for both Apple and Android may cost you somewhere between $15,000 to $25,000. This cost of development largely fluctuates depending on its features and varied iPhone or android app development complexities. You may find the cost a little high but it is still worth investing.