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How much does it cost to develop a mobile wallet like Paytm?

How much does it cost to develop a mobile wallet like Paytm?

The universal presence of smartphones has increased the multitude of electronic transactions. The adoption rate of digital wallet app is growing across the world, and it is driving immense growth in non-cash operations.

Besides, the Peer-to-peer payments are also fuelling to the growth of international payment services. Developing and under-developed countries are taking full advantage of such immense market growth as the businesses are investing in e-wallet payment system. The mobile wallet applications are enabling millions of people to participate in an enormous wave of cashless transactions.

According to the statistics, the next-generation payment technology like Paytm is booming. The World Wide transactions conducted with the next-generation technology was more than $3.1 trillion in 2017. The next-generation payment technology includes payment through QR codes, contactless payment systems, EMV chip payment.

Paytm like next-generation payment technology, is expected to dominate the market by 2022. Thus, businesses are forecasting fruitful opportunities by investing in Paytm like mobile money solution.

1. Types of mobile wallet apps

If you want to invest in mobile wallet applications and figuring out the cost, then you need to decide which type of mobile app is required for your business. Generally, there are three types of mobile wallets, and there is a different cost of developing these applications.

A retail mobile wallet

Amazon Pay is the best example of a local mobile wallet. It offers all the necessary facilities. The users can have rewards and coupons which they can redeem. This kind of mobile wallet app enables all sorts of payments, including EMV chip and net banking.

Dedicated payment app

A specialized payment app enables users to save their cards and bank details online. PayPal, Samsung Pay are some of the good examples of such type of apps.

Point of Sale app

The PoS payment wallets are ideal for making a payment on stores, allowing the users to make payments without queuing. This kind of cash is gaining immense popularity across the world, mostly in developed countries.

2. Significant factors associated with the cost

After deciding the suitable type of mobile wallet app, you need to consider the substantial elements that are directly related to the cost of app development.

App platform

Development platforms like Android, iOS are the foremost factors directly associated with the cost of mobile app development. There is a significant variance between the platforms, which also contributes to the development cost.

App design

Compelling app design is essential to retain the customers. Besides appealing and user-friendly design, the app should offer an intuitive experience that requires advanced tools and technologies. Thus, the intuitive user experience and user interface will eventually increase the cost of mobile app development.

App size

The cost of the app depends on the kinds of features and functionality necessary for your users and business. The app size includes the core features in the first version. You can increase the app size later by implementing advanced features in the app. 

3. Features of the mobile wallet app

The features are the main thing to determine the cost of developing a mobile wallet. The features are different from the perspective of users and admin.

User-oriented features

  • Registration: The registration process should be simple for the users so that they can sign up through their social media, phone number, and email address hassle-free.
  • Bank authorization: The users need to add their banking details or credit or debit card details. The banks also need to authorize the bank account or credit or debit card.
  • Check balance: With the check balance feature, the users can optimize their balance in the app anytime. Besides, they can view all transactions conducted through the app.
  • Utility bills payment: This feature helps the users to pay the utility bills, including electricity bills, DTH bills, telecom bills, etc.
  • Accept payments: With this feature, the users can accept the payment made by the clients or businesses. In this way, they can receive the amount in the secure mode.
  • Refer friends: it is the essential feature not only for users but for your business also. The users can win coupons and rewards by referring the app to their friends. Simultaneously, you can get a customer base with every new sign-up user.

Admin-focused features

  • Dashboard: It enables the admin to get all necessary information, including analytics, notifications, etc. on the same page.
  • Management: The admin can track and monitor all transactions conducted by the registered users.
  • Real-time reporting: The admin can get real-time reports like the number of active users, number of transactions, the actual amount of purchase, etc.

Advanced mobile wallet app features

Apart from the above basic features, the businesses can implement advanced features in the subsequent version of the mobile wallet. Although these features are not necessary, the companies can stay ahead of the competition. Businesses with budgetary constraints can introduce an app with essential functionality and then consider adding up the below-advanced features.

  • Geo-location or GPS
  • Data synchronization
  • In-app camera
  • Push notification
  • App for wearables
  • Tokenization
  • Digital receipt
  • Loyalty rewards

4. Cost of a mobile wallet like Paytm

The mobile wallet app, like Paytm, can boost your business and brand visibility at the same time. You need to invest in the right mobile wallet app development company, which is aware of the latest market trend. You can find out a reliable mobile app development company by comparing the portfolios, testimonials, ratings, and social presence of the companies before handling your app project.

Thecost of developing mobile app depends on two factors, namely the complexity of the app and the hourly rate. Besides, the integration of advanced features can also add up to the decided cost. For having a robust and sophisticated app, you need to prepare your mind for spending more money. The app’s complexity is directly proportionate to the wallet app development duration.

5. Global market of mobile app developers

Countries Rate per hour in USA
US 150 to 250
Canada 150 to 200
India   30 to 150
Singapore   80 to 200
European 130 to 180


Thus, you need to spend a minimum of $50,000 to $80,000 for having a Paytm app with extensive features. Besides, you also need to add up the cost of app maintenance, app marketing, and others. App maintenance and app marketing cost are excluded from the development cost. You need to avail of flexible engagement models while hiring mobile app developers for your mobile wallet projects.

Author bio

Nikunj Gundaniya


Nikunj Gundaniya, Product manager, one of the leading digital wallet app development company USA, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.

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