BharatPe is a peer to peer money transfer application that uses UPI (Unified Payment Interface) to transfer payment from one user’s account to another person’s UPI account. UPI accounts are needed to link with the actual bank account in order to receive payment. UPI has attracted so millions of users in the past few years as well as helped tens of startups to founded as well as successes in the industry. Develop an app like BharatPe,PhonePe, Paytm, Google pay are some of the few examples of these startups that have over millions of registered users across India. Anyone who is looking to invest in a UPI powered application to start a startup needs to look closely at the business model and execution strategies of these startups in order to succeed.
If you are also looking to invest in UPI powered peer to peer startup and wondering about How much does it cost to develop an app like BharatPe then worry not because today we are going to share with you the whole 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 app like BharatPe.
The start BharatPe was founded in April 2018 to enable merchandise to transfer payment without any hassle. The company itself has its headquarter in Delhi, India. After the inception of the start, it raised $141.5 million in funding. The android application of BharatPe has over 5 million downloads on the Play Store alone. However, peer to peer transaction is not the only feature BharatPe offers to its users which means other than UPI transfer BharatPe also provide Bill payment, mobile recharge, credit card payment, wallet, loan payment, and providing the loan as some of its features. The company’s website attract around 130,000 people monthly across the globe.
The business model of BharatPe is similar to other peers to peer payment transfer applications like Google Pay. First, they gain the user base and later use that user base to generate revenue.
What type of industries will gain benefit from an on-demand payment app like BharatPe
Although there are so many industries that are benefiting from digital payment transfer applications but the following industries are going to gain highest benefit.
- Telecommunications industry
- Transport and logistics industry
- Online commerce companies
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.
What an on-demand payment application like BharatPe 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, companies charge the client in one of these two ways
- The fixed price of your project: If you are sure about what kind of you want as well as how it should look and feel like and in addition to that, type of 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 computer software, web applications, and video games, etc where the project is needed to update 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 BharatPe will be depended upon the following factors
- The country-wise location of the development company: Hiring the USA or Europe based company then will cost you around $200 to $250 per hour whereas an online solution development company from a developing country such as India will charge you almost $40 to $50 per hour.
- The total number of Panels and Features of the app: The total number of required panels (in this case total 2 panels) with the total number of features you want will affect your application’s development costs.
- The UI & UX of the app: Although features are important but so is UI and layout of your application. Unless your application is better looking as well as with smooth and user-friendly UI and UX users won’t return. Investing in a better as well as smoother Ui & UX is recommended.
- The total number of supported platforms: If you want your on-demand application to support both Android app development as well as iOS app development then the development cost will be increased.
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 to hire
If you are looking for a software development company then Tech Pathway is India’s one of the top leading IT consultancy companies. Hiring mobile application developers from the Tech Pathway will help you bring your dream project to life without investing in the additional cost of any in-house hiring, in addition to that, we offer a very flexible and affordable price structure. Besides our dedicated team of developers and designers are ready with all the experience as well as the latest tools & technology to help you turn your dream app into reality. Get in touch with us and let us develop your app while you focus on more important tasks of your business.