Modern technology and the Internet have changed the way we live as well as the way we do things. Not so long ago if you needed to recharge your mobile, pay your bills, or transfer money into someone’s account you had to visit a recharge shop, billing office, or bank. The problem with these traditional approaches was that they used to consume so much of our time and energy. But not anymore, because of on-demand app like such as Freecharge, Google pay, and Phonepe now anyone can recharge their mobile phones, pay their bills, as well as transfer money into other accounts using UPI (Unified payment interface).
These on-demand payment applications have made our life so simple and saved a lot of times that now we can use that time and invest it into other important things. In addition to that, on-demand applications have brought so many opportunities for investors who want to invest in current technology. If you are also looking to invest in an on-demand payment application and wondering about how much does it cost to develop an on-demand app like Freecharge then we are going to walk you through the development process as well as discuss cost deciding factors. Welcome to the Tech Pathway blog, today we are going to share with you how much does it cost to develop an on-demand app like Freecharge.
Market trends of on-demand payment applications
- The estimated on-demand payment transfer global market was around $5 billion in the year 2017.
- The payment application market is rising at a 60% pace.
- The total on-demand payment market is expected to reach $30 billion by the year 2024.
Basic information about Freecharge
Freecharge is India’s one of the top leading on-demand payment applications that is a one-stop solution for mobile recharge, payment transfer as well as bill payment. The application was founded in 2010 by Kunal Shah (Entrepreneur) and Sandeep Tandon. At first, the company got an undisclosed amount of funding from Tandon Group and later they secured funding of a total of 20 crores INR Sequoia Capital in 2011. Users can use UPI to transfer payment as well as pay for their recharge and bill payments. Other than UPI, Freecharge also supports other payment methods such as Credit card, Debit card, and net banking. Like its competitors, Freecharge also gives Freecharge Credit that can be used to pay bills, book tickets, purchase goods, as well as transfer money.
What an on-demand payment app like Freecharge required
- Add bank account
- Add Credit Card & Debit Card
- Offers, Cashbacks, Gift Cards
- In-app chat & call support/Customer care
- Pay bills
- Add bank account
- Add Credit card and Debit card
- Accept payment option
- Generate QR code
- In-app chat & call support/customer care
- Push Notification
- Analytical tools
- Geo-location tracker
- Allow offers and deals
- Content management system
- User management system
- Growth analytic tools
In cases of on-demand solution development, development companies charge you in one of these two ways
- The fixed price of your project: If you know about what kind of you want and how it should look and feel like as well as what features they will have then fixing a price beforehand is the best approach.
- The hourly rate: When it comes to big projects such as complex websites and mobile applications, as well as web applications, video games, computer software, etc where the project is updated from time to time and new features are added, development companies charge their clients on an hourly basis.
The development cost of on-demand payment app like Freecharge will be depended upon the following factors
- The geo-location of the development company: Choosing the right company for your project is important for both the quality of your project as well as the budget of your project. To explain it better let take an example, if you hire a company from a developed country such as the USA then they will charge you around $200 to $250 per hour whereas a company from a developing country will charge you around $40 to $50 per hour.
- The complexity of the UI & UX of the app: The next factor that will decide the total cost will be the complexity of your Ui & UX of the mobile app. Depending upon the quality of UI & UX of your app as well as its layout the complexity of your app will be determined. The better UI/UX you want in your app will make it as complex which will also increase the total development hours.
- The total number of features and panel: The total number of features and payment will also decide the final cost of your project. The feature-rich application you will want the more you will have to pay for that. In addition to that, developing an API for your payment system. It is also important in order to let online businesses use it as a payment gateway. Which is also a great way to get more users and market share.
- The total number of platforms: Depending upon the total number of platforms you want your app to support, will increase the final development cost. Since developers have to write code scripts for both (Android and IOS) platforms separately it will increase the total development hours.
The total development cost of your on-demand mobile payment app will be anywhere between $10,000 to $100,000 depending upon the above-mentioned factors.
Looking for a development company
Additionally, Tech Pathway is India’s one of the top leading online solution companies. We have a team of experienced developers, designers, and social media marketers. Which means we are ready to help you at every corner as you focus on more important tasks of your business. Our developers and designers team already has enough experience with developing mobile payment apps.