Technology has revolutionized each aspect of our life. From food to fashion, everything is available just a tap away. All thanks to smartphones! According to statistics, there are currently 6.4 billion smartphone users in the world. Taking the global population into account, which is 7.8 billion, shows that the majority of the people are using smartphones across the globe.
With all this evolution of the smartphone era, are people still carrying cash around? No, not anymore. With the development of mobile wallet apps, the fear of a mugger is kept at bay. People can now carry unlimited funds and transfer them securely to anyone from anywhere. The number of e-wallet users is increasing each day. There are currently more than 2.8 billion mobile wallet users worldwide, and it is expected to rise swiftly.
Paytm is an online payment platform that allows users to transfer money into the integrated wallet via online banking, debit card, credit card, and even deposit cash via selective banks and partners. Paytm contributes the highest user base in the country, with more than 350 million active users.
If you are an entrepreneur thinking about developing a Paytm alternate solution, it is vital to know if your app contains a few key features, which are as follows.
Registration and Login
Users undergo a vital registration process by entering their details and syncing their bank account to the mobile wallet app. Upon successful registration, users can log in to the app, and each time they try to log in, a unique ID or a one-time password (OTP) is shared with the user. This ensures the formidable security of the app.
The app is tailored in such a way that the users are likely to understand the function of each key or option available in the app. This tends to retain the existing users and gain a lot more swiftly. The easy user interface can enable the users to readily add money to their wallets and transact with anyone effortlessly.
Scientific research states that human brains will have forgotten 50% of the information stored within an hour. Provide your users with the transaction history feature that automatically restores and saves all the information of the activity that occurred in the app. That can be viewed and accessed by the user later on.
To combat Covid-19, during the pandemic, contactless payments were on the trend. Many stores turned their payment mode contactless. Thus develop a mobile wallet app integrated with technology like NFC, QR code scan, and pay.
Quick fund transfer
Earlier people had to visit a bank and stand in a long queue to transfer money. But with e-wallet apps, there are no more bank or ATM visits. Users can transfer Unlimited funds in a blink of an eye to anyone from anywhere. Enabling quick fund transfers is the major reason for the prosperity of mobile wallet apps.
Enchant your users by providing reward points in the form of cash, shopping vouchers, and coupons. The app that provides the utmost benefits to its users gains much popularity. To launch a mobile wallet app that provides reward points and other such benefits to the users. This tends to attract many new users, and the existing users will be retained.
Think of the situation when you transfer money, but still, the money hasn’t been credited to the recipient’s account. Sometimes due to a technology glitch or bank server problem, the fund transfer is interrupted, and the funds are kept on hold. Stop the panic attack of such a situation by enabling an auto refund of the debited funds.
A detailed invoice is highly essential to keep track of transactions and as proof. After every transaction, an invoice is generated and sent via email. Users can also download it via the app.
An in-built camera for KYC registration and QR scanning will allow users to scan and pay funds instantly.
How To Get Into Paytm Clone App Development?
- It is important to understand the market before developing a robust mobile wallet app like Paytm. By knowing your target audience, you can gain a clear understanding of how exactly your app should perform in order to gain a vast number of users.
- Having a precise objective is the key factor in developing your app. Aftermarket research, define your objective and focus on the same throughout the development process.
- Develop a robust e-wallet app using the Paytm clone script, which is 100% customizable and can be tailored according to your business requirements. Paytm clone script is a ready-to-launch app with highly advanced features.
How To Monetize Your Paytm Alternate Solution?
Choosing the right revenue model is crucial to soar high in your business. Consider following some of the revenue models listed below to monetize your mobile wallet app.
By following this revenue model, users can enjoy the basic features of the app like fund transfers, transaction history, and other key features for free. However, other advanced features like Chat-support, cryptocurrency transactions, etc., is accessible only with a premium subscription.
Affiliate marketing model
In order to make regular income, you can utilize the banner space of your app to fill with ads of products and services of banks and other financial institutions. Whenever a user clicks on the advert, money goes to the app owner. This is achievable in collaboration with the banks and other financial institutions.
Paytm clone app can be linked with the mobile network industry by allowing users to recharge using the e-wallet app easily. A part of the commission goes to the app owner. Apart from mobile recharge, various other bill payments like utility bills, electricity bills can also be paid using the Paytm clone app.
There are a number of e-wallet apps in the market. Yet, looking at the convenience and safety, it is evident that the app that offers the best features and rewards can potentially notch up swiftly. It is high time to get into Paytm clone app development and grab your place in the finance industry.