Wednesday, December 8, 2021
HomeMobile TechHow to Setup an e-Wallet/Mobile Wallet like Paytm?

How to Setup an e-Wallet/Mobile Wallet like Paytm?

Digitalization & Social Distancing both have paved the way for extensive use of e-Wallet or mobile wallets. The sprouting technology has put back the traditional wallets and people from their bottom of the hearts have welcomed the features provided by the e-Wallets. Hassle-free payment like depositing or transferring money is one of the coolest offerings from these Wallets.

One of the prestigious names that have raised the demand for e-Wallets in the market is Paytm. Many e-wallet app development companies have opened up the doors to kick-start their development in the direction of Mobile Wallet like Paytm. The article will explain How You Can Have Your e-Wallet like Paytm?

But before this, we should understand the meaning of e-Wallet or Mobile Wallets. E-wallets are the digital wallet or place in the computer or mobile devices that allow us to operate financial activity online. These are password protected and one can utilize these while doing shopping, buying groceries, flight tickets, etc. 

In this document, we are going to learn the process of setting up an e-wallet just like Paytm. Here are some quick steps, following them you get the most high-performing and secure e-Wallets like the kind itself i.e. Paytm.

Ways to Setup An E-Wallet/Mobile Wallet like Paytm?

Having said that, e-Wallet is something that has cut down the human efforts on their financial activities. Earlier, people need to visit their respective banks to operate their financial positions, but now, the Mobile Wallets has done it all.

From groceries to medicine, shopping to dining everything has become so smooth and seamless. Hence, every development company wants to develop an app, that becomes the ultimate example of a Mobile Wallet just like Paytm.

Attributes to Have in Mobile Wallet Like Paytm

Before any development, there should be an analysis of features and drawbacks to the development of any mobile wallet. Keeping the Paytm’s attribute as a base, here come some of the characteristics that any e-wallet should have:

Sign-up Facilities

When it comes to any app development, there should be a quick sign-up or login process to enter the web-app or mobile app. The sign-up before entering into the app is a mandated process. It should be streamlined with a quick step like login with Contact No. or Email ID. 

Adding Money to Wallet

Putting in money just like the traditional wallet is a key feature in the Mobile Wallet too. You can add money and make payment directly from the wallet. The addition of money can be done either via Online mode i.e. Net Banking, Debit or Credit Card facilities.

Transaction History

Another core attribute of the mobile wallet apps is it gives a transaction history for all your financial activities. It includes your payments, adding money, payment of bills, etc. Thus, you can shake off the stress to remember what payments were made where. 

Sending Money to Bank

Short on money in the bank? Received an amount and want to transfer it to the bank? If yes, then you are good to go with your e-Wallet. These wallets have complete access to transferring or reverting money to the account. There are some nominal charges which are levied on sending money back to the account.  

Access to e-Commerce Market

You have got secure and complete access to the e-Commerce market for all your shopping hankers. Just like Paytm, you will get access to the e-Mall where you can shop anything you want. 

These are just a few advantages of e-Wallet applications that are making it a popular in the market. So, if you hire the right app development team, you can surely enter the market with high expectations easily. 

How Much Does it Takes to Develop An e-Wallet Like Paytm

Paytm is the most admired e-wallet all over the globe. It helps customers to bring on activities like recharge, booking tickets, live shows, etc. But the development of such apps also brings some minimal expenses. So the criteria which bring the cost to the e wallet app development company is as follows:

  • API Development
  • Development of Mobile Application
  • Tie-ups with the deal offer and discount providing brands
Source: Statista

Firstly, an API has been purchased from the best service providers like Airtel, Vodafone, Idea, etc. Now, these APIs are provided to the developers for integration with applications where mobile development takes place. Now the developers will integrate the payment gateways. In this way, integrations happen and the price of developing the app then depends upon the platform you deploy it. Usually, the cost of mobile wallet development falls between $16,000 at $50 per hour. 

How to Create A Mobile Wallet like Paytm?

Creating a mobile application that meets your business need is quite a complex as well as an interesting job. Here’s how it is done. From ideation to the final execution the in-depth information can make it easier for you to comprehend the process. 

Brainstorm

With the growing digitalization, it has become vital need to understand the pattern of mobile wallet app development. The pattern here means what kind of e-Wallet will work best for business. There should be proper brainstorming over this so that the development of such apps becomes successful. 

Prototype

Now come the designing and development of the mobile wallet app. A prototype or layout works well in the development of any mobile wallet. The UI/UX should remain easy so that customers feel at ease while handling the mobile wallet. 

Development

The team is assigned to develop the flawless and most amazing e-Wallet apps. The development team works so hard to deliver the most result-driving and scalable mobile wallet apps for the users. 

Quality Checks

Here the role of Quality Assurance means a lot. The QC team keeps on tracking the authenticity of the app on each level. This helps in showcasing the most authentic app possible. Buttons, links, options on the e-Wallet apps are authenticated several times. Each time any error or bug is found?

Deployment

Now comes the final step of development i.e. Deployment of apps. The application deployment on the respective platform is the final step. Doing this, the mobile wallet is ready to get installed on the devices of the users. Here the team also gives 24*7 technical support to the client. 

Handover

The app so deployed on the respective platform is delivered to the customer also. The customer check backs every feature and then approves the outcome. The outcome if have some issues, then is reported to the team again. This is the allover process of developing an e-Wallet like Paytm. 

Also Read: Top 9 Features of App Development

Final Words:

e-Wallet or Mobile Applications are the need of the hour. Amid the growing trends entering the market with an e-Wallet application is a good idea. Social distancing and digitalization have prioritized the usage of e-Wallets these days. People are feeling secure & convenient with contactless transactions and hence raising the demand for mobile wallets like Paytm. Here the tech giant is popular because it has grabbed huge popularity from the previous years. The beautiful UI, Ease in Transaction, Security of Payments, etc. have made it the trendsetter for other third-party app development. Along with the core features, Paytm Banks (Paytm’s bank), issuing card facility is the new USPs which are taking away third-party app development to the next level. Contact us to get more information and guidance about software consulting services.

keithlaurancehttps://www.octalsoftware.com/software-consulting
Keith Laurance is a technical content writer who has been working with the cross-platform app development team at Octal IT Solutions. Over the years she has researched about JavaScript app development and promises to deliver the most reliable solutions. Other than researching tech-related queries, she loves to eat and read books. You can always find her in the nearby market buying quirky elements for her super cozy place.

Most Popular