How To Make An App Like Paytm

Gift Yourself A Digital Wallet In This Digital Terrene and Embrace It With An App

In the past few years, M-commerce dominated age has seen an unprecedented rise in mobile wallet app development like never before. Since 2017, the mobile app wallet is one of the exponentially growing digital products for quick and fuss-free digital transactions.

Besides, it’s an easy escape from the long queues of paying bills or transferring funds.

Following the lionization of digital wallet apps, many SMEs and startups have built their app platforms in response to check on the growing demand. However, the success fable of Google pay and PayPal act as an inspirational element for many app development companies in Dubai and entrepreneurs.

In a Global Research Future report, the e-wallet market worldwide is expected to grow at a CAGR of 15% and estimated to reach a market size of approximately USD 2,100 billion by the end of the forecasted period 2017 2023.

If you want your company more competitive and readily available to the user, opt for mobile wallet app growth. Before you explore how to create a mobile wallet app and the cost involved in developing it, it’s crucial to understand what is a mobile wallet app and what makes it popular?

What Is A Mobile Wallet App?

A wallet stores cash while a mobile wallet is known to store credentials for cashless money and cards.

The digital mobile wallet is probably used to store numerous card details, digital currencies like loyalty card details, bitcoin, business or club membership cards, etc. So, doing any transaction through digital wallets and mobile wallets is hassle-free. The stored details can be used later with no to little need for physical access to the card.

Mobile wallets apps are casually used at the time of online shopping, making online bill payments and a lot of other stuff. The user can also pay quickly at physical shopping by scanning a QR code or using a registered mobile number.

Also, users can use and redeem discounts coupons that are stored in the mobile wallet accordingly. It’s essential to pay attention to all of the vital features while developing a mobile wallet app.

Paytm — A Popular Mobile Wallet App

It is one of the largest online payments that let users transfer money into an integrated wallet. The user can quickly transfer money to the wallet using online banking, credit and debit cards, and deposit cash through a selected bank. Thus, using Paytm wallet, you can pay quickly for numerous goods and services without Cash.

The reason behind its immense popularity is the availability of different services in a single platform. Besides, Paytm is one of the biggest media of currency exchange.

Presently, Paytm wallet is the digital payment platform where you can transfer money from your bank or respective accounts. You just need to set up an account using your mobile number and email ID to set up a Paytm account and transfer cash to the wallet.

Choose The Mobile Wallet Which Checks On Your Needs

There are numerous types of mobile wallet apps that make a subtle difference in their payment processes. Let’s have a look!

The trend for the e-wallets has changed in the last few years since the integration of mobile communication service providers and financial organization

What Makes Mobile Wallet App A Wham?

Without the shadow of doubts, the mobile wallet app proffers a safe and trusted payment solution, ensuring that the transaction happens instantly. With easy access to send and receive money from your smartphone, either to any other person or paying at a payment terminal at the touch of a button, everything is secure, quick and straightforward.

SBWire — “Mobile Payment Market Is Expected To Grow At A CAGR Of +33% from 2019 to 2026, Reaching $457.4 billion in 2026”

Moreover, it’s also recommended to have market research to gain information about competitors, apps functions to improve performance, users, and the end-users. With a consistent increase in mobile payment user base recorded worldwide, leading industries are leveraging the benefits of e-wallets.

Top Industry Leveraging Benefits Of E-Wallet

The software mammoths like Google, Apple and Samsung have already crafted their way for an e-wallet or mobile payment apps. As a dynamic and secure digital payment solution, the mobile wallet app can help users send and receive money from their smartphones.

You must be wondering what’s more?

The mobile wallet app development services are offered by leading mobile app development companies in Dubai to help users keep their credit or debit card credentials, loyalty cards, and tickets.

The different uses of mobile wallet apps or eWallets are beneficial not only for the BFSI segment but also for other B2C businesses. Here, I have pocketed unskippable beneficiaries of mobile wallet apps like Paytm that different industry-verticals are reaping.

1. BFSI (Banking Financial Services & Insurance)

The BFSI segment reaps the significant beneficiary of the mobile wallet app. Globally, financial institutions can offer cardless services and other facilities through e-wallet apps. The mobile wallet app can store debit and credit card information and direct users to secure mobile-based payment.

2. Retail and Ecommerce

The ecommerce and retail business uses mobile wallet apps in full swing, all thanks to tech-savvy app developers in Dubai. These apps allow customers to save information about payment methods preferred by the user. You can also integrate payment gateways in the retail app and manage payment or bonuses and discount coupons without any hassle.

Moreover, the retail shop owner can offer a QR code to its customers to pay bills. Retail shop owners get an instant message from the app about the successful transaction.

3. Telecommunication

Telecommunication is another segment that has harnessed behemoth benefits by opting mobile-based payments for the bill, recharges, and even third-party receiving or sending money. Besides, mobile wallet apps are beneficial for users to restore their accounts anytime and anywhere.

4. Logistic and Transportation

The buzzing word in the transportation aisle — “Ola and Uber” allows their users to pay through digital wallets. The gospel truth is Ola has ola money that already has a big user base. Transportation and logistic businesses can offer their customers several online payment options through mobile wallets.

Indeed, the customer also finds it convenient and pay through debit or credit cards or UPI-based payment methods.

5. Food and Grocery Business

From booking movie tickets to planning a date with your love, every customer-centric business can reap mobile wallet apps’ advantages as a robust and entrusted digital payment solution.

Moreover, you can order food or even shop in the malls all made easy with the debut of mobile wallet apps like Paytm. An NFC-grounded app can make the customer’s life easy amid the hectic schedules.

All in all, the digital payment solutions remain pretty efficient and effective with customized features and reliable iOS and Android app development for mobile wallet app development. Whether you want to reach potential customers or offer comfort and convenience to the present customers, the mobile wallet development services can guide you with feature-rich eWallets.

The Much-Needed Features For Your Successful Mobile Wallet App

Here, you will find some decisive factors to consider while creating a mobile wallet app for your business:

An Alluring and Smooth UI/UX Design

An alluring and seamless UI/UX design is one of the decisive factors in user engagement. An attractive design can allure to the user and facilitate interaction and popularity. Ensure that the app is user-friendly, it’s unskippable to make UI/UX design the unparalleled one.

Eventually, it will help in better engagement and readability of your app for the users.

GPS Tracking and Navigation

These days, any person or business is round-the-clock available to accept mobile payments no matter where they are. Thanks to geolocation, GPS tracking and navigation made this one of the essential features for the e-wallet app.

Also, with GPS help, users can easily find people on their devices and make the payment of the go with merely a touch on the user name. This feature cuts exponentially on time as no account information is needed, and the transactions are done efficiently.

Cloud Based Solutions

Many leading app development companies in Dubai and across, make sure this feature is integrated to offer quick transactions securely. The cloud-based technology provides customers with the complete suite of capabilities to transform their smartphones into digital wallets.

For example, a payment made with a simple tap at Point Of Sales terminals is making the payment process for issuers, vendors and buyers alike.

Easy and Seamless Transactions

Processing a payment through a mobile wallet is comfortable, reliable and smooth. All you have to do is link your account credentials or card information along with a valid document with your e-wallet apps. The app, then, saves your data for authentication and offers a safe and seamless transaction anywhere and anytime globally.

Also, users can synchronize their data with multiple devices to use the e-wallet on numerous gadgets.

Spending Analysis

Offering your user an analysis feature about their spending is an additional tool that you must integrate into your mobile wallet app. It will encourage users to plan wisely their spendings and also limit their expenditure wherever needed.

Accessorizing The Mobile Payment

With the advancement in wearable technology, it’s not just confined to fitness trackers, smartwatches, or smart jewellery. But, it has taken the leap for mobile payments. According to Tractica, wearable payments have outgrow $500 billion in 2020, from $3 billion in 2015.

Similarly like contactless credit/debit cards, wearable payment gadget contain a NFC (Near Field Communication) chip. This chip contacts the chip placed in the card reader at the point of sale, allowing a convenient transaction.

Security and Privacy

It’s obvious to expect from e-wallets to store their card information and enter their passwords. So, the app holds the potential of securing the user’s data. As mobile wallet apps are always an easy target for hackers and shadow characters, app developers in Dubai, UAE must create a password-protected app with features like OTP, fingerprint, and QR code for proper authentication and validation addition to a safe, fast, and efficient payment transfer.

An Added Feather In The Hat For Security Of Mobile Wallet

It’s time to add uniqueness to your app security:

1. Tokenization

Opting for tokenization has made the online mobile-based platforms more secure than before. Here, there won’t be any need to give the details of cards and preferably, the details are changed to a token that looks like some random numbers.

2. Encryption

This is considered one of the most influential and reliable methods for ensuring the entire transaction process’s complete security. The encryption starts instantly as the user swipes their phone over the POS terminal. It lasts till validation.

So, if you partnered with a proficient mobile app developer in Dubai and across to make an app like Google Pay or Paytm, make sure that this technology is integrated.

3. Password

A password is a kind of tool that is old but trustworthy. It protects any app or website effectively. Here’s your customized information that is entirely safe because the customer knows the password and it’s hard to break for shadow characters.

Short and straightforward passwords are difficult to guess, and therefore this method is highly reliable to make mobile wallet apps safe and secure.

All you need to do is make sure that you hire the right techno-partner among flooded mobile app development companies in UAE for your mobile e-wallet app. While paying attention to its performance, you cannot ignore security features.

The Final Thought

Mobile wallet apps are no longer an awaited trend; they are the need of the time. Although to cherish this instantly evolving market’s benefits, you need a reliable and passionate app developer in UAE, USA and India to ensure flawless integration of facts and features.

While doing the essential market research to create a successful app for mobile wallet solution, start right away with your Free Quote!

Simultaneously, the vital features mentioned above in this blog emphasise the importance of creating a customer-centric mobile wallet app, making transactions hassle-free and quick. After all, being used globally for electronic invoices, account security, and error-free transactions, mobile wallet app are increasingly turning the most sought-after features by business and customer alike.

Originally published at https://www.xicom.ae on February 1, 2021.