As we can see, Digitization is prevailing across the globe, every mobile phone user has a wallet app on his/her smartphone. Paypal, Amazon pay, Google pay, Phone pay and  Paytm are the most popular names among trustworthy mobile wallets. 

All the wallets are very beneficial to the users as they provide a platform for the transfer of money through online media. Paytm is the most popular application among the users because it provides different services like recharge, payment of bills, money transfer to friends and shopkeepers and even Paytm has started its eCommerce services like Amazon and Flipkart. Paytm provides all the services on a single platform. That’s why Paytm has become the most popular brand among all type of users. 

Benefits of using wallet Apps like Paytm

• Wallet app has a significant impact on the business of retail and eCommerce industry. This application provides an online platform to customers for the payments, they do not need to carry cash with them.
• Telecommunication companies allow the users to recharge the mobile and even they can send money to banks. 
• Various transportation industries like OLA, Uber have also built their own wallet for payment. Customers can also book bus, flight and train tickets online.
• Shopping apps like Amazon and Flipkart also have their own wallets. 
• Customers can pay for other services like grocery, food and movie tickets online and enjoy the benefit of this online platform. 

Besides this, online wallets facilitate the payment of electricity bill, gas, water, hotels, toll, metro, loan payment and many other services. The above benefits ensure that mobile wallets cover all the industries that provide different services to customers. That’s why your business needs a wallet application. 

Also Read: How to Create Grocery Shopping Mobile App like Big Basket and Grofers

Key Features that are required for Mobile App Development Like Paytm:

Features of User Panel:

User registration:

This feature is important to get access to important information related to customer name, address, and mobile number. Users can make their personal profiles.

Ease of use:

It means the use of the application should be easy for users. If your app contains a complex process then you may lose your customers.

User Interface:

The interface must be attractive that can easily engage the customers towards the use of your application. 

Add and Transfer of money:

Through this feature, users can add money to their wallets through debit cards and credit cards. You have to add the money transfer features so that users can pay by scanning QR code or by mobile number.

Data Integration:

Wallet apps must store your bank account, password, and some other details so users can easily retrieve the data on any device. 

You can add some other features like bill payment, push notification, multi-language, invite friends and transaction history. 

Features of Admin panel:

Interactive dashboard and Manage user account:

Admin can manage the transactions of users through this feature and they can manage the user account and their information.

Manage rewards and bonus:

Admin can add and block the user and this feature provides an opportunity to offer some reward and bonus on special occasions. Admin can track the transaction history and number of transactions done by a particular customer. 

Additional Features that you can add in your wallet app:

GPS/ Geolocation feature: This feature allows the users to track the order and they can check the expected delivery time. This helps to increase the visibility and popularity of your application.

In-app camera and cloud operation:

Generally, this camera is used for scanning QR code for payment, through this users get a receipt of his payment. Cloud operation helps to provide security and safety in terms of password and other significant information about users.

How Much Does it Cost to create a wallet application like Paytm?

Designing an application with all these features is not an easy task, you have to think about various cost elements that affect the cost of building an application. Mainly you have to invest your money on features and technology that you’re gonna add in your application. Here is a list of all the cost-elements that will affect the cost to create a wallet app.

• You have to invest your money in linking the bank accounts and other payment sources.
• You have to choose a reliable application development company for your project that is another element of cost.
• Size, design and platform of your application.
• Technologies that you have chosen to develop an application like android and iOS.
• Location-related features, QR codes, Bar code, user profile, push notifications.
• Safety and security features like OTP generation
• Wi-Fi connectivity, Bluetooth technology and many more. 

Must Read: How to Create a Taxi Booking App Like Uber, Gett, and Lyft

In short

In this technological era, mobile applications have changed the way of payment. Through this application, you can start your new business. Overall, your money will be invested in the development of features and technical aspects of your app. If you want to set-up your business in a wallet application then Mobiweb Technologies can be the best partner for this project. We make an app that looks fantastic and works extraordinarily fast. We can convert your dreams into reality through our expertise. For more details, you can visit our website and can find all the answers to your questions related to the development cost of your application.