We are living in an era that is fueled by the Internet, today most of the businesses and services have already adopted digital methods and services to provide better services to their customers, more and more are coming into the market each day. Since you have searched How much does it cost to develop an on-demand payment app like Google Pay chances are that you are already aware of how every online business, as well as offline businesses, has a need for a payment method/gateway that can be fulfilled by mobile payment applications such as Google Pay. The total global market of online payment transfer applications was estimated at $5 billion in 2017 (just 3 years back) and according to market forecast, it is estimated to reach $3000+ billion by 2024 at a 60% pace. This is a whole new level of opportunity for people who are looking to invest.
Google Pay was first launched as Tez in India in 2015, later Google launched its on-demand payment service globally after rebranding it as Google Pay.
The mobile application is based on the UPI (Unified Interface Payment) technology. It uses in order to transfer money directly into other people’s bank accounts. Google Pay is currently one of the most used on-demand payment applications in India. If you are also interested in building an on-demand payment system and wondering how much does it cost to develop an on-demand payment app like Google Pay then we are going to discuss the development process as well as the 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 payment app like Google Pay.
Related Blog :- How to develop an on-demand mobile payment applications
How does Google pay earn money
If you are looking to invest in building an on-demand payment system like Google pay you need to understand how they earn. Although currently there is no way for these applications to earn money since we all know that 21st-century data works as fuel, these applications gather user’s financial data and can use that data to target ads. In addition to that, letting online businesses use API in return for monthly charges is also one of the ways to earn revenue from UPI based payment systems.
What an on-demand payment application required
- Add bank account
- Add Credit Card & Debit Card
- Different services such as recharge, send payment, book ride, loan payment, credit card payment, order online and other application integration
- 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
How much does it cost To develop on demand payment app like Google Pay
The development cost of on-demand payment app will be depended upon the following factors
In cases of on-demand solution development, development companies charge you in one of these two ways
- The fixed price of your project: For people, those already have a complete idea about how you want your mobile application and the website to look and feel like and what features they will have then fixing a price beforehand is the best approach.
- The hourly rate: This approach of the payment system is important when it comes to big projects such as complex websites and mobile applications, games, etc. where the project is updated from time to time, and new features are added. Development companies charge their clients on an hourly basis.
Factors that will affect your development costs
- The geo-location of the development company: Depending upon the location of the development company that you hire, the total development cost will be determined. For example, if you hire a USA based development company then they will charge you around $200 to $250 per hour. Whereas a development company from a developing country such as India with the same experience and expertise will charge you almost $40 per hour. This difference alone is enough to make you realize how important it is to choose a development company carefully.
- The total number of features and panels: Depending upon the total number of features and panels your payment system will have the more it will cost. In addition to that, developing an API for your payment system in order to let online businesses use it is also a great way to get more users and market share.
- The complexity of UI & UX of the app: The next factor that will decide the total cost will be the complexity of your mobile app. Since the better UI and app’s layout you will want the more time designers will have to spend in designing the UI and layout. This means 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 supported platforms: Depending upon the total number of platforms you want your app to run will increase the development cost by almost twice the original amount. Since developers have to write code scripts for both Android-based applications and iOS-based applications separately. It will increase the total development hours.
The total development cost of your on-demand mobile payment app like Google Pay. It will be anywhere between $10,000 to $100,000 depending upon the above-mentioned factors.
Looking for a development company
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.