How to build an app like Paytm clone? Find Out!

Updated On: August 24, 2022

Updated By: AppsRhino

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Introduction

If you had asked anyone back in the nineties to partake in a cashless transaction, they would have laughed at you or thought that you were weird! Fast forward to 2022, almost everyone pays via mobile wallets; that is, they indulge in cashless transactions at the drop of a hat! Those who do not use this payment medium are on the verge of converting from traditional to modern approaches.

This way of living and making purchases grew by leaps and bounds during the pandemic's peak and has become the new normal. Since several people and countries have embraced online payment, it is understandable why budding entrepreneurs are eager to dabble in this field. Today, several such services dominate the market: Paytm, PayPal, MobiKwik, and FreeCharge. Paytm is a very fast-growing financial service provider. It provides full-stack payments and financial solutions to offline merchants, consumers, and various online platforms. There are over 60 million bank accounts on Paytm as of 2020. If you are an entrepreneur toying with the idea of launching a wallet that would break all records so far, you should give it a try. And what is better than learning from the best of the best, Paytm. Read this Paytm Clone Development Guide to learn how to create a Paytm Clone quickly, effortlessly, and perfectly.

Summary

Numerous brands have developed mobile wallet apps to simplify and ease the purchase process! And Paytm is one of the successful ones we have today! It boasts a market share of 50% and processes over 400 million transactions every month.

If you are interested in developing a Paytm Clone, read this Paytm Clone development App!

Paytm services

  1. Paytm Wallet
  2. Paytm QR Code
  3. Paytm Payments Bank
  4. Paytm Money

Paytm Business Model

  1. A Paytm clone needs to work on its adequate Security to ensure that customers' money is safe.
  2. The target customer base of a Paytm clone is mobile users who love to have access to digital payment facilities and eWallets.
  3. Paytm users enjoy services verticals such as Paytm wallet, recharge services, Paytm Gold, Paytm mall, and many more.
  4. Paytm's revenue sources are the Paytm App or Paytm website, clicks from vendor sites sponsoring Paytm, and a few client sites partnered with the service provider in the discussion.
  5. A massive share of cost structure is targeted at customer acquisition and technological platforms. Security claims are the second thing that takes a significant share of Paytm's budget.

Paytm Revenue Streams

The revenue model of Paytm has four major revenue streams. These four revenue streams are as follows:

  1. Money earned from Paytm gold
  2. Money earned from its
  3. eCommerce platform
  4. Commissions from customer
  5. transactions from its platform
  6. Escrow accounts

How to build an app like Paytm clone?

  1. It should be an easy but secure recharge alternative to its competitors for DTH, TV cards, mobiles, etc.
  2. Your Paytm clone should let people book buses, trains, movies, flights, fairs, and tickets in a safe and secure environment.
  3. Ensure it is a better alternative to net banking, credit/ debit cards, and other online payment wallets available today.
  4. Let your Paytm clone allow users to integrate other alternatives for making payments.
  5. Give users a secure way to execute transactions at offline and online shopping portals to purchase daily use items, electrical and home appliances, etc.
  6. Include additional features. These other features will make your Paytm clone distinct

Before you even start reading the Paytm clone development app, let us find out how you will need to go about it by discussing the business model of a Paytm clone below.

Let us have a look at the services that a Paytm clone provides to users:

  1. Paytm Wallet
  2. Paytm QR Code
  3. Paytm Payments Bank
  4. Paytm Money
  5. Paytm First credit card
  6. Paytm Mall
  7. Paytm Gold
  8. Paytm First
  9. Paytm for business

Business Model of a Paytm Clone

This section of the Paytm Clone Development Guide enlightens you about the business model of Paytm.

Key Activities of Paytm

The primary goal of Paytm is to let people transfer money quickly. Besides, a Paytm Clone enables you to perform other activities such as Banking and buying gold. Also, a Paytm clone needs to work on its adequate Security to ensure that customers' money is safe.

Paytm Customer Segments

The target customer base of a Paytm clone is mobile users who love to have access to digital payment facilities and eWallets. Paytm has offered a safer and more effective alternative to digital bank accounts by incorporating numerous rewards and features.

Value Propositions of Paytm

Paytm users enjoy big time through service verticals such as Paytm wallet, recharge services, Paytm Gold, Paytm mall, and many more.

Paytm Channels:

Currently, Paytm earns from three different sources. These revenue sources are the Paytm App or Paytm website, Clicks from vendor sites sponsoring Paytm, and a few client sites partnered with the service provider in the discussion.

Key Paytm Resources:

Paytm possesses an RBI license, which is a primary key source of revenue generation for it. Other than that, Paytm's technological platform and numerous partners allow easy use by users.

Key Partners of Paytm:

The partners of Paytm are categorized into two major groups, one being the key organizations that employ Paytm services to receive payments and bills from their customers. The second category of partners is those banks that give escrow services and payment gateways into the banking system to Paytm.

Cost Structure of Paytm Business Model:

If you look at the structure of Paytm, you will find that the Paytm business is heavily customer-oriented. Thus, a massive share of cost structure is targeted at customer acquisition and technological platforms.

Security claims are the second thing that takes a significant share of Paytm's budget; it makes sense since Paytm has to manage more than 65 million customers. The security budget intends to create a platform that will enable customers to prevent money siphoning instances.

Paytm Revenue Streams:

The revenue model of Paytm has four major revenue streams. These four revenue streams are as follows:

  1. Money earned from Paytm gold
  2. Money earned from its eCommerce platform
  3. Commissions from customer transactions from its platform
  4. Escrow accounts

How does Paytm earn money? (Paytm's revenue model)

It will be beneficial for you to read about the revenue model of Paytm before you start working on your Paytm clone. Thus, this Paytm clone development guide includes the revenue model of Paytm. Have a look at how Paytm generated its revenue below:

Paytm Mall

Paytm mall draws sellers as it helps them attract a high consumer base to sell their vast array of products, such as clothes, shoes, etc., with secure payment integration. This platform became the pioneer of the mobile-centric marketplace in India by introducing the Paytm mall; today, more than 120 million buyers use it. Also, Paytm witnesses around 2 million daily transactions.

Recharge Services

These are the initial services that Paytm offered when it entered the market in 2010. And today, it has recharge services for mobiles and DTH recharge to mobile subscriptions, Tv subscriptions, data cards, metro card recharge, etc. It charges 2 to 3 % commission for every charge from the respective operators to earn profit. Besides commissions, Paytm also provides cash-back offers to consumers to guarantee that they will use its services even in the future.

Bill Payment

Another source of revenue is bill payment; for it, Paytm has partnered with numerous education and financial organizations to collect fees, insurance, or EMI installments for these institutions. Moreover, customers can also pay for their gas, water, electricity, telephone, broadband, etc. Thus, soliciting commissions from these organizations for every bill payment is another source of revenue generation for Paytm.

Payment Solutions

Paytm has also allied with various online businesses, marketplaces, and eCommerce solutions to provide their customers with a secure payment solution. These partnered businesses employ Paytm payment solutions to accept online customer payments and do not require setup or maintenance fees. However, Paytm demands a commission of 1.99% for every transaction.

Paytm Wallet

It is a semi-closed wallet approved by RBI that customers can use to store digital currency to partake in online transactions. The platform deposits the money customers keep in their wallets in escrow accounts in banks partnered with them and receives interest on these deposits.

How to build an app like Paytm clone?

This Paytm clone development guide will tell you how to build an app like Paytm clone. First, you need to research the critical features of payment apps like Paytm or any of the Paytm clones we have today. Also, it will be better to ensure that your Paytm clone has all the critical features of such apps that benefit customers.

Thus, to build a Paytm clone app, it will be better to provide them with the following features everyone expects from a Paytm clone.

  1. Your Paytm clone should be seen as an easy but secure recharge alternative to its competitors for DTH, TV cards, mobiles, etc.
  2. It will be better if your Paytm clone can act as a means of booking buses, trains, movies, flights, fairs, and tickets in a safe and secure environment.
  3. Another thing that will help your Paytm clone stand a chance at becoming the next best thing is becoming a better alternative to net banking, credit/ debit cards, and other online payment wallets available today.
  4. Your Paytm clone has more chances of succeeding if your platform allows users to integrate other alternatives for making payments.
  5. The last thing you need is to ensure that your Paytm clone equips users with a secure way to execute transactions at offline and online shopping portals to purchase items of daily use, electrical and home appliances, etc.

Apart from the things mentioned earlier, the following components also add more likelihood to the success of your Paytm Clone.

A user panel laden with features

Your Paytm clone must include a user panel with features such as easy user registration, adding money, fund transfer, bank account linking, reception of funds, bill payments, transaction history, available offers, ticket booking, etc. The freedom to use the Paytm clone in any language of choice.

Intuitive Admin Panel

Another thing to focus more on is your Paytm clone's Admin Panel. One word to suggest everything this panel should be is INTUITIVE. Thus, you need to develop a Paytm clone that offers an intuitive admin panel to let you manage user profiles. You may also access real-time analytics and reporting, release new offers, add or remove features, handle merchants, etc.

Additional Features

The last thing this Paytm clone development guide asks you to do is to include additional features. These other features will make your Paytm clone distinct and even bestow the chances and power to dethrone the original. Besides the unique and new features, your Paytm clone must possess extensive functionalities such as an in-app camera, data synchronization, QR code, geo-locations, loyalty program, digital receipt, cloud operations, etc.

Conclusion

What else do you need to develop an app like Paytm clone? The last thing you need to roll out a fantastic Paytm Clone is to go to a competent app development company to leave the onus of developing a Paytm clone app on them. And one of the best on-demand app development companies is AppsRhino. AppsRhino has a team of competent developers and designers who are thoroughly professional and always live up to our client's expectations. If you plan to develop and launch a Paytm clone, come to AppsRhino today and see your dream project become a reality instantly! Our dynamic pricing and post-launch support are something to not miss out on!

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