In order to build a payment transferring app, one must need to be familiar with the basics. The Google Pay app works as a bridge that transfers money directly into the user’s account using the UPI method. UPI stands for the Unified Payment Interface that is an instant payment transfer system developed by the National payment corporation of India facilitating inter-bank transactions also in addition the UPI is regulated by the reserve bank of India. Starting a startup using the app idea of Google pay is great since Google Pay was one of the top fastest-growing digital products in the last quarter of 2017.
If you are also thinking about developing an app like Google Pay and wondering about the cost and how to do it then let me walk you through the whole process and cost deciding key elements.
Which companies can have benefited from your app like Google Pay
- Telecommunication Companies
- Transport and logistic companies
- Online e-commerce companies
How does an app like Google Pay will work
The money transfer using Google Pay is not rocket science and anyone who knows how to use a smartphone can easily use the app.
- The first step is to register into the app using your bank account registered mobile number.
- In the second step, the user will complete the registration process and add his/her bank account.
- In the third step, the user will search the receiver UPI id in the search bar and select it.
- Once the UPI id is verified the user will transfer the money, but to transfer it the user will need to enter their PIN.
- Users can also pay businesses using a QR code scan and other methods.
Key elements to use in your app like Google Pay
- Easy to use, smooth, and interactive user interface
- Easy registration and sign in
- Seamless and easy money transaction
- Add account
- Fund transfer
- Recharge and bill payment
- In-app camera
- Authorizing credit card bank/ bank account/ debit card
- Discount and redeem coupons
- Digital receipts
- Spending analysis using transaction history to help the user manage their spending
- Data synchronization
- Cloud-based technology
- Loyalty card
- Membership card
- OTP, fingerprint, QR code protection for e-wallet
- GPS tracker and navigation
- Wearable technology and device integration
- Push notification
- Integration of geo-tags
- The country-wise location of the development company: Hiring a high-end company in place of a budget-friendly company will also affect the final cost.
- The total number of Panels and Features of the app: The total number of required features and panels will also affect your final cost greatly.
- The UI & UX of the app: A smooth and user-friendly UI and UX is a necessity for an app to get successful between users.
- The total number of supported platforms: If you want your application to run on both Android as well as iOS then your app’s final cost will be increased almost double.
The final design and development cost of your app like Google pay will be anywhere between $5,000 to $50,000 depending upon the above-mentioned factors.
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