What is the cost of developing a mobile wallet app like Paytm?

Tech News

Currently, Paytm is gaining significant popularity, particularly in the context of demonetization. Its inception was as an online recharge portal, allowing users to recharge digitally. Over time, facing escalating competition, Paytm expanded into e-commerce, similar to platforms like Amazon and Flipkart. Presently, Paytm stands as one of the premier mobile wallets, facilitating operations such as recharging, ticket booking, and shopping with attractive deals. Its widespread appeal is attributed to the availability of diverse services on a unified platform. As Paytm positions itself to become a major medium for currency exchange in the coming years, app development firms are diligently working towards creating a tailored app akin to Paytm. The pertinent question remains: what would be the cost of developing a mobile wallet app like Paytm?

Here's a compilation of all the high-cost components:
1. Crafting APIs facilitating communication between your service providers and users.
2. Formulating the mobile application's development.
3. Establishing collaborations with brands that offer deals, promotions, and discounts.

Initially, to establish an API, you must reach out to relevant service providers such as Vodafone, Airtel, Idea, and others. These providers may furnish payment-related APIs if available. Once you have the API, developers are required to create an interface connecting the application with the API. Additionally, integrating a payment gateway within the app is essential. However, dealing with multiple operators and integrating numerous APIs can be a complex and laborious task. Alternatively, you can collaborate with Safa InfoSystem, an app development company with extensive experience in creating seamless transactions between various entities for m-wallet apps. The cost of app development varies based on the platform, with an average cost of approximately $16,000 for both platforms at $50 per hour. Costs may vary depending on features and the complexities of app development. Feel free to reach out for a prompt quote at the best rates tailored to your specific requirements.