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Do you have a fintech startup? Do you want online visibility with an eWallet app? If yes, then you should develop an eWallet app like Paytm. Paytm is a safe and secure eWallet service that was developed by Vijay Shekhar Sharma in 2010.

The popularity of e-wallets has risen as more people choose to make cashless transactions, just like many other digital features in FinTech services.

A study shows that the total value of digital wallet transactions is projected to reach $12 trillion worldwide by 2026. Isn’t this alluring? Well, this can be a huge opportunity for entrepreneurs like you to invest in eWallet app development like Paytm. If you too are planning to create an ewallet application, then this blog is for you.

In this blog, we will discuss particularly about eWallets, types, features, costs and many other essential aspects that will help you skyrocket your business.

So, let’s begin!

What is a Paytm App?

Paytm is a mobile wallet application that allows users to easily send or receive money hassle-free. It provides multiple services and this makes it the best ewallet platform. Users can simply do mobile recharge, book a ticket, transfer money, bill payments and so on.

Additionally, it also provides a buy now pay later feature. Users can directly link their bank account to paytm for easy withdrawal and money transfer. One new feature Paytm has added is Paytm fastag.

It will help users to pay for tolls online without any involvement. The amount is automatically deducted from the user’s account when they cross the toll. So, if you want to develop your online business to be successful, then you must definitely invest in mobile wallet app development.

How Does Paytm Application Work?

Now before you invest in Paytm app development, you should be well-aware of its working. So, with the help of our ewallet app development services provider, we have explained the working mechanism of Paytm wallet app.

Firstly, users register in the app by filling in the details like name, contact details and email IDs.
Once they register, they will link their bank account with the Paytm wallet.
After that, they can add some money from their actual bank account to their wallet for transactions.
Now finally users can easily send or receive the money to another user’s account by using an app like PayPal, from a different country.
They can also check transaction history or do mobile recharge.

Different Types of eWallet Applications

There are several types of digital wallet apps that are available in the market. You need to think about what type of wallet you want to build. So, we have jotted down the 3 best types of eWallet paytm mobile apps.

Elements	Open Wallets	Closed Wallets	Semi-closed Wallets
Purpose	This type of e-wallet may be utilized for multiple transactions.	Closed wallets can be utilized for purchases on the sites. For example, Amazon Pay	Semi-closed wallet makes it simple to buy items and access financial services from particular merchants
Flexibility	Transfer and withdraw funds easily.	Can not transfer or withdraw amount	You can transfer the money. But you can not withdraw the amount.
Developed/ Issued By Whom	Issued by banks	Businesses offer goods and services to users.	NBFC and fintech institution
Transaction Type	The ewallet type enables transactions between users and businesses.	Transactions occur only between the wallet owner and the issuer.	Transactions occur only between registered merchants.

Steps To Develop an App Like Paytm

Now you must be thinking “how to create a wallet app like paytm?”. Well, it requires a thorough planning and expertise and you need to hire a mobile app development company for that. They will develop the mobile wallet app akin to Paytm in the following steps:

1. Define Your Objective

The first step to make an ewallet app similar to Paytm is to know your app’s objective and features.

What is the aim of your eWallet app?
Whom you are targeting?
What functionalities will you add?

Will your mobile wallet let users keep different currencies, pay merchants, and send money to others? It’s crucial to know your goals and features well before you start. This understanding will guide you in figuring out the technologies and resources required to create apps like paytm.

2. Choose a Platform & Technology

The next step is to pick a platform and technology for your ewallet apps like paytm. You have several choices like iOS, Android, and web-based options. You will also need to select a programming language.

Moreover, when you decide your platform and tech stack, you can think about your potential audience and device they use. For instance, if most of your audience uses iOS devices, it would be wise to create your digital wallet as an iOS app.

3. Create a User Interface

After choosing your platform and technology, you need to design a user interface for your eWallet app like Paytm. The user interface is what users see and use. The UX/UI designers.

Make the app simple and visually appealing. Users should be able to easily find their account details, make payments, and send money. Just think about a simple design with clear app icons and navigation buttons to develop a wallet application like Paytm.

4. Integrate Payment Gateway

The next step is to add payment gateways to your ewallet apps similar to Paytm. Payment gateways let users pay with their credit cards, debit cards, or bank accounts. It’s crucial to select a payment gateway integration method that is safe and trustworthy. Since users will share their financial details with your digital wallet.

5. Test and Launch the App

Before you launch your eWallet, make sure to test it carefully to confirm it works well and is easy to use. This means checking for security issues, as well as looking at how user-friendly and fast it is. After testing, you can go ahead and launch your digital wallet. Don’t forget to regularly update your mobile wallet app with new features and fixes.

Key Features To Add in Payment Clone App Development

If you have made up your mind to create an ewallet app like Paytm, you need to thoroughly research on features that are must-have. You can also check out the below features that Paytm mobile app in USA has.

1. User Panel

● User Registration

Firstly, users have to login in the app just by entering their name, contact number or email IDs. They can directly register in your app with their Gmail account. After that, they will get an OTP and complete the KYC process to assure stable money transfer.

● Bank Account Link

Once the registration process is complete, your mobile wallet app similar to Paytm must provide a bank account linking feature. For that, users need to link their bank account with your app. With this account, users can do all the transactions easily.

● Add Money

This process should be simple so that users must not face any issue when transferring money. Just like an app like Brigit, you must allow users to transfer amounts from their bank account to ewallet. For that, you need to provide some security system like password or PIN that should be with users only.

● Transfer or Receive Money

Your NFC payment app development solution must help users to easily receive or send money on cashless mode. They will get a scanner or receiver’s contact number. You can integrate the NFC feature in your ewallet application.

● Passbook

As you have seen, every banking application like Chime has a passbook feature. So, your app must also provide a passbook feature that helps users to easily check or track their bank statement. Ewallet should have something similar so that users can stay up-to-date of their every transaction.

● Bank-to-bank Transfer

When you develop an ewallet app like Paytm, you must provide a feature called bank-to-bank transfer. It helps your potential audience to have different bank accounts for transferring money. With this feature, your users can easily transfer funds from one account to another.

● Bill Payments

Your ewallet app development solution must come with some ad-on functions like cashless bill payment. Your application must allow users to pay bills without any hassle.

● Reservations

Isn’t it amazing that users can book any tickets from one app? It will help users to book movie tickets or flight seats and any other reservations without any hassle. So, you must integrate this feature in your ewallet paytm clone app.

● Insurance Payments

You can make your digital app development solution more effective just like Paytm just by providing an insurance payment feature. Your users should be able to pay insurance premiums within other apps like paytm.

● Paytm Mall

Although paytm mall feature has been banned due to some issues. But you can provide this feature in your ewallet app development solution. It helps your audience to buy and pay for items they want for daily purposes.

● Reviews and Ratings

Rating and reviews are vital parts of any ewallet app or site. So, you must add a review and rating system that enables users to simply give feedback from the application.

2. Admin Panel

● Dashboard

The administrator requires a simple dashboard that has a setting feature just to operate the things. For example, user behaviour or their transactions can be seen in paypal app development solutions.

● Security

You need to understand that when you create an ewallet application, security is the main thing you must think about. You must preserve the app’s assurance and integrity parameters. So, you should hire Android developers who can add a powerful security system in your app.

● Analytics in Real-time

With this feature, you can simply run analytics in real-time. It helps you in improving better client conversion and interaction.

● Add Users

You will be in incharge of connecting new users. You can also disapprove of the ewallet mobile application. You just require a simple system to verify new users.

Top Industries That Use eWallet Service

As you know, almost every industry leverages the ewallet banking app development solution. It helps them in making cashless transactions without the need of cash. So, if you have a business in any of the below industries then you must definitely build an application like Paytm.

1. Food Delivery

Food and grocery delivery services are very popular right now. It’s important to note that many of these food delivery app development solutions work with online payment systems. E-wallets are great for businesses involved in food or grocery delivery.

2. Ticket Booking

E-wallets are essential for online businesses, helping customers book flights, train tickets, and hotel rooms. Users can pay for bus, train, and flight fares, along with hotel charges. Event ticketing sites also use e-wallets to simplify the process for attendees.

3. Ecommerce

Mobile wallets are essential for every e-commerce business. Although a company can opt for cash-on-delivery, digital wallets simplify the payment process for customers who prefer to pay right away. This is why many businesses hire an ewallet app development company to build an e-wallet for their site.

4. Banking

People used to go to their electricity provider’s office to pay bills just a few years back. Now, they can do it from their couches with a wallet banking app development solution. E-wallets are great for bill payments because they help everyone pay on time.

5. Taxi Booking

Many people today do not use cash when taking a taxi from point A to point B. Instead of paying with cash, they hire the cab through a mobile app and use an e-wallet to pay for the ride. For taxi companies, mobile wallets can ensure clear communication and trust between the business and its customers.

Top 5 eWallet Apps Like Paytm

Before you develop an ewallet application like Paytm, it is essential to do the competitors’ research. You can perform the SWOT analysis of each competitor. It can help you stand out. So, we have listed down the best ewallet applications like Payment.

Paytm Alternatives	Available Platform	Downloads	Ratings
Paypal	Android \| iOS	100M+	3.7
Google Pay	Android \| iOS	1B+	4.4
Apple Pay	Android \| iOS	50M+	4.5
Freecharge	Android \| iOS	50M+	4.3
Brigit	Android \| iOS	5M+	4.7

How Much Does It Cost To Build an eWallet App Like Paytm?

Cost is the main aspect that every startup owner has in mind before investing in an eWallet app development. Generally, the cost to build an eWallet app like Paytm can range between $10000 – $25000.

However, this cost to develop an app like Paytm in USA is just an estimate. The actual cost relies on your project requirements. For example, if you need a simple Paytm app for iphone or android, the cost can be less.

But if you want some custom design and features, then you need to pay a hefty ewallet app development cost. Let’s be more clear with the below table:

App Complexity	Costs
Simple Paytm-like App	$10000 – $15000
Medium Paytm-like App	$15000 – $20000
Complex Paytm-like App	$25000+

This table shows the different Paytm app development cost as per complexity. Besides, you can easily measure the cost with the below formula usage:

Total Paytm Clone App Development Cost = Developers Hourly Rate * Development Time

You are now well-versed with the cost to develop an ewallet app like Paytm. It is time to contact an ewallet app development services provider who can offer a detailed cost estimation as per your requirements.

How To Monetize Your Ewallet Application?

Did you know most of the ewallet applications failed due to improper usage of monetization models? It is very important to select the revenue stream that suits your business model. So, if you are still confused what models you can apply to your app, here are some of the popular ones.

1. Transaction Fees

It is one of the popular monetization strategies that almost every ewallet application leverages. You can charge a small percentage from users every time they make transactions. It is known as platform fee. Just like paytm charges a small amount of ₹2 for every traction, you can also charge somehow the same to earn a huge revenue.

2. In-app Advertising

The next monetization model is to play ads on your ewallet app like Cash App or Paytm. You can simply earn money with every ad view or click. Just by showcasing ads to your potential audience. You can also add different types of advertisements. For example, banner ads, video ads or interstitial ads. These models are very well fitted for huge user base ewallet applications.

3. Dealer/ Merchant Tie-up

Another popular revenue stream is to tie-up with merchants or dealers like ecommerce apps or grocery apps. It can help you earn a huge profit as it is widely used by many giant apps like Google pay or Apple pay. When you integrate your application with other businesses, you can get some amount of commission whenever a user uses your Paytm UPI app for a transaction.

4. Cross-selling Financial Products

If your ewallet application like Paytm has a huge user base, you can monetize. You can sell the financial items to your target audience within the application. For instance, you can give loans to your users. Besides, you can enable them to buy stocks or invest in mutual funds. In this way, you can easily earn money from cross-selling financial products.

Ready To Create an App Like Paytm!

Developing an eWallet application can be overwhelming. Many security issues, domain intricacies and technology problems, all these needed an ewallet app development company or team of developers.

So, if you are planning to develop an ewallet app like Paytm or Wallet app like Freecharge, Dev Technosys is here to assist you. So, why wait? Share your project requirements with us and get a full-featured Paytm app development solution.

Frequently Asked Questions

1. How to Create an App like Paytm?

If you want a Paytm wallet app development solution, then you must follow the below steps:

Conduct research
Know competitor apps
Create a feature list
Design user interface
Develop the app’s backend
Test and launch the app

2. How Much Time Does It Take To Make an ewallet App Like Paytm?

The timeline for Paytm mobile app development may usually depend on different factors. It can take between 2 – 6 months to develop paytm mobile applications. You can take assistance from an eWallet app development company.

3. How Much Does Paytm App Cost for Development?

The cost to create a paytm like app in USA can be around $10000 – $25000. However, your project requirements can affect the cost. So, it is best to consult with a Paytm app development company.

4. What is the Paytm Alternative App?

As per the fintech app development company, here are the top Paytm alternatives: