An acronym for Pay through Mobile, Paytm was the brainchild of One97 Communications. What started as an application for online mobile recharge, Paytm has now expanded to electricity bill payment, bus ticket booking and online shopping. Paytm mobile app is available for Android, iOs and Window users.
Paytm’s Rise to Success
Owing to its growing popularity, Paytm received a whooping $575 million investment from the Alibaba Group, the well-known Chinese e-commerce company. Leading Indian business tycoon Ratan Tata also made a personal investment in this venture by One97. Paytm also sponsors all the international and domestic bilateral cricket matches that are hosted by the BCCI. Paytm stands as an inspiration for many entrepreneurs, young and old.
Where Paytm can be Used
Besides online recharge and paying bills, Paytm lets you send and receive money, pay at shops and also make online payments for Uber, Makemytrip, Bookmyshow and many more. You can put in money in your Paytm wallet and use it for the above mentioned. Paytm also offers a ton of discounts in the form of cash backs which get saved to your wallets.
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Does it Cost Big for an App Like Paytm?
- The development cost for apps like Paytm varies based on the different platforms; Android costs relatively higher than the iOS platform because it mainly has more devices to be tested against. (amongst other reasons)
- Basic features like user profiles, Barcodes and QR codes, image manipulation and advance features like data syncing, push notifications, geolocations etc. .
- It is of paramount importance that the app is designed in a way that it attracts and maintains its customers while being user-friendly. Advanced technologies and resources are needed, which usually come with a higher price.
- Using a mobile wallet into an app leads to payments happening almost immediately without any kind of problems. Including this feature incurs extra costs but, definitely comes with its advantages.
- Lastly, a good and experienced developer is vital as his location and expertise also influence the development of the app.