Many people have switched to cashless money for payments. From ice-cream vans to hotels, everyone uses apps like Paytm and GooglePay. It is simpler to carry a large amount of money and make transactions safely with the help of these apps.
Are you a business owner? Do you have to deal with customers daily? There are many benefits to creating an app similar to Paytm in this forever-growing industry. You shall take care of your customers and the market requirements and add features to your Paytm Clone accordingly. Let us look at the answer to why Paytm Clone can be a significant upgrade for your business!
What is Paytm?
Paytm is the largest e-wallet and transaction platform that allows users to send and accept digital money without extra costs. Paytm has its roots in Noida, India, and currently has customers in India and Japan.
The app can support transactions in more than 200 countries across the world with the use of APIs! Paytm allows you to make payments, pay bills, book tickets, and shop using the app.
According to an earnings release by Paytm, the company made a revenue of $204 million in 2022. This revenue was 58% more than 2021 ($129 million in 2021).
What is Paytm Clone?
Paytm Clone that you build for your business will be an app having features similar to Paytm. The app will provide digital payment solutions to your customers and allow them online money transactions. You can add features like bill payment, cart, and other shopping options to your Paytm Clone.
You can make a Paytm Clone for your business by
- Building an app from the roots.
- Contacting AppsRhino! And getting in touch with a team that will create a Paytm Clone per your requirement.
The cost of making Paytm Clone will depend on your needs, customers, and features you wish to add to your app. You have to remember one thing. More customer comfort, better sales, and profit!
Why use Paytm Clone for your business?
Imagine your customers order from you. They might be using your website, your application, or buying from you via offline mode. After ordering, they have to make a payment to you. What if the amount is huge and your customers do not wish to give cash to you? It is also possible that you do not wish to accept cash or cards. Your customers can use your Paytm Clone in such cases.
Let us look at some of the benefits of using Paytm Clone!
With the help of Paytm Clone, users can make streamlined transactions from anywhere. You can add features like a wallet or let the users link their accounts securely to your Paytm Clone. After users activate their accounts, they can take numbers, scan codes, or directly transfer money to other users.
One of the main reasons for using apps similar to Paytm is that you do not have to carry money in your wallet. Having liquid money may lead to the risk of theft. There are also chances that you misplace your money. With the help of Paytm Clone, your money isn't just secure but easily transferable without stress.
You don't have to worry about creating a safe place for your money and your customers to care about carrying physical wallets. Why not make a Paytm Clone for everyone then?
Digital Payment apps let you connect to a person sitting in another corner of the world. You can buy, sell, or rent products and make online payments. Moreover, digital money is internationally accepted! With the help of Paytm Clone, you can reach out to users locally and globally.
Integration with other platforms
If your Paytm clone can integrate with other platforms, you can become the third-party payment option between the sellers and buyers. If your Paytm Clone is available for users on Android and iOS, they can use it for payments anywhere.
Transaction History and Tracking
With the help of Paytm Clone, customers will be able to track the money they spend. They can find where and when they spend with advanced features and adjust accordingly.
If your customers enjoy making payments with your Paytm Clone, your business will expand and reach out to more people!
Features to add to your Paytm Clone
Customers prefer apps that give them maximum comfort. While adding features to your Paytm Clone app, make sure they are easy to use and accessible.
The additional characteristics of your app should be simple and not hinder making payments. It should build the experience of using the app wholesome and exciting!
The customers shall be able to have a fast sign-up process. For legal matters, the customers should have all documents for signing up. If the users don't have the required paperwork, the sign-up process should not proceed. After downloading the Paytm Clone, customers can enter their details without complexity, after which the app will create the user's account on the Clone app.
OTP and Passwords
The main feature of every e-wallet app shall be customer security. The customer will have the characteristic feature of using a password to enter the app so others can't use it without permission.
Moreover, there will be an OTP usage at the time of sign-up. Customers can receive this OTP on their registered mobile numbers. At the time of payment, the user should enter their password. Without the correct password, there will be no transaction of money.
Offers and Discounts
Businesses integrate with Paytm offers to advertise their product and increase customer count. Paytm also gets more users by providing offers with minimum risks. Your Paytm Clone can also launch offers. These offers will
- increase customer count
- advertise the app
- convince existing users to use Paytm Clone only
- earn from the integration businesses
Camera and QR Codes
Customers prefer doing as much less work as possible. For making payments via e-wallet apps, users prefer scanning QR- codes instead of entering phone numbers or bank details. If your Paytm Clone offers a built-in camera, users will have an alternative to make fast payments.
Compare a general buyer and a business owner. Both categories will have different requirements. For the everyday buyer, the monthly transaction rate will be small. But the business owner, who has to deal with multiple payments and customers in a day, will require an extended monthly limit.
Therefore, your Paytm Clone should be customizable as per customer needs. The monthly limit was an example. Users may have other requirements, and your app should be ready!
What if your user faces any disturbance while using the app. What if your customer cannot work with your app and requires help?
For every application, there must be a customer helpline. Customers can call the provided number, send emails, or talk to a chatbot about their problems.
How can you track your app's progress? How to know if your users are satisfied with your service?
You can track your user number, your employee's work, and your everyday profits with the help of a dashboard. For every growing business, an Admin Panel and dashboard are crucial and track the success.
Imagine you ride a cab with your roommate, and now you have to split the bill for paying the driver. Both of you are out of cash. There are apps like Uber that give options for splitting bills. These apps then send the contribution of each individual to their digital wallets.
Your Paytm Clone should be able to integrate with such apps so your customers never face problems in case of emergencies.
Paytm Clone Scope and Future If you make a Paytm Clone, you can achieve more profits in your business. If your Paytm Clone provides the right features and options to the customers, it may have great scope in the future.
Paytm currently has more than 350 million active users, as per Statista. This number keeps growing every day!
Paytm ranks above apps like PhonePe and Mobiwik for the active number of customers. Paytm Clone's future is radiant if started and carried out correctly.
In addition, according to a brand report by Statista, Paytm experienced more than 150 million transactions in 2020-21. If you are building a Paytm Clone, you must take care of the future aspects and customer demand.
" Our obligation and success will be benchmarked by how many people we bring on financial services, to how many people we bring to the mainstream of the economy. We will continue to invest and acquire customers." Paytm's CEO, Vijay Shekhar Sharma, said the above lines in an interview.
Your Paytm Clone shall focus on making the customers' experience flawless! By satisfying your customers, you can make huge profits from any app.
The future of Paytm Clone lies in the following answers.
- How did you create the app?
- What features will you add to Paytm Clone?
- How many customers will you be able to reach?
- Do customers like using your app to make payments?
- Is Paytm Clone adding value to your business?