Tez launched by Google: Gift to India

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Now Google too has joined India’s mobile payment club with its own mobile payment app, Tez. Don’t confuse the Tez with a Paytm-like app which is actually a wallet service. Tez is more like UPI based PhonePe app or government’s BHIM app which use your bank accounts to send and receive money.

Thank you for going through this presentation, I hope this would helped and ready for initiation in your mind of having this kind of application. Don’t wait get the quote from Rapidsoft Technologies, we are here to help.

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Google lanched Tez, a mobile payments app for India

Recently Google launched new mobile payments app in India “Tez”.

tez

After several weeks of speculation and leaked details, today Google officially unveiled its first big foray into mobile payments in Asia. The Android and search giant has launched Tez, a free mobile wallet in India that will let users link up their phones to their bank accounts to pay for goods securely in physical stores and online, and for person-to-person money transfers with a new twist: Audio QR, which uses ultrasonic sounds to let you exchange money, bypassing any need for NFC.

“Send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala. Make all payments big or small, directly from your bank account with Tez, Google’s new digital payment app for India,” Google notes in its information portal about the new app. Read More: Techcrunch

How much does it cost to design a Mobile wallet app like Paytm?

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Developing various kind of application takes a lot of efforts and investments. The most important thing of all is the idea where everything falls into place. The core key point is out of mobile application is that your base should be strong which represent a unique idea. The ideas that are transformed into million has become unique ideas. People copy those ideas in order to have the same ride the original had. How one can extend and enhance the unique ideas because there is always an expiry date to any idea. The execution on the ideas in various sector takes a lot of research that comes into picture while execution. Recently demonetization in India has opened the door for a mobile wallet. The mobile wallet business was not so much workable but after the demonetization move have broken the limits and has gained the revenue exponentially. These mobile wallet businesses have expanded that no one has ever dream off. People are availing this mobile wallet instead of in the situation of shortage that has been created by demonetization. This demonetization has made the people addicted to this mobile wallet that is hard to get rid of.

Creating such kind of application takes a lot of thinking but creating a unique style will be beneficial. The real cost of this kind of application is not very high but the maintaining cost can be high as dependent on the number of users. One has to add flavor to the existing mobile wallet in order to sustain in the market. That what Paytm has done. It added the flavor of e-commerce and some other additional feature that has differentiated this application all other mobile wallets. Brainstorming new ideas constantly is the key to being ahead in the race that what Paytm has done. It has become enormous e-commerce and mobile wallet application that has grabbed people attention at this period. Creating the clone of the paytm will be very expensive. As one suggest start with a few number of features from the paytm in order to create the application that will be affordable.

Trying to create this kind of application from the right company is an inevitable task if the guidance is not right. I recommend Rapidsoft Technologies. Rapidsoft Technologies is imparting total software solution services for mobile & web platform.  We, Rapidsoft Technologies is in this business over a decade period. We have experience in various industries sector with diverse technology platforms that what makes us exceptionally, standout & prominent company leads to the destination of many clients to avail our effective services. This company has delivered more than 300 applications with high level of client satisfaction. The company’s in-house development team is agile in understanding the requirement of client at the level of any complexity and adroit in executing the requirement of client at upmost satisfaction Read More: https://www.quora.com/How-much-investment-is-needed-to-develop-an-app-for-recharges-like-Paytm-MobiKwik-etc/answer/Sofia-Coppol

Mobile Wallet App development: Top Features Every Mobile Wallet App Must Have

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India faced the great revolution of digital wallet across the whole country with the influence of demonetization. Demonetization has shown the true color in perspective of utilization of digital wallet in this adverse situation. People adapted this system very well and got influenced by the digital wallet. The business growth for the digital wallet companies has grown exponentially. There are many benefits of using this system as follows:

  • Convenience in dealing
  • No hassle of change
  • E-ticketing become easier
  • Transaction detail is stored
  • Instant notification of offer and discounts
  • Directly connected to various Banks
  • Easy to use the application

The applications have many features but the basic feature list of any mobile wallet as follows:

  • Micropayment option
  • Registration/Login/Password
  • Mobile E-commerce list
  • E-ticketing option for movie, bus and others
  • Geo-Location feature integration
  • Loyalty Program
  • Mobile Store
  • Mobile transfer option
  • Personal Information
  • Reward system
  • Notification for offer and coupons
  • Option for the detail of the transactions

These above are the basic feature of any digital wallet. Rapidsoft Technologies is one of the leading mobile application development companies in new york that provides an excellent mobile application development services across the Globe. It provides excellent services in developing any kind of complex mobile wallet for any country.

Demonetization has encouraged the Digital Payment

 

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Come with the surprise that there is going to be demonetization of RS 500 and Rs 1000 note across India. This has shocked the citizen of India that people started to panic from day one. This step has been taken by our prime minister in haste with no adequate preparation. A nation was not prepared for this bold step but it has been imposed by the government. People standing in the long queues for hours even days but there is the scarcity of the cash in every bank. This has become the delicate issue all the Nation that no one can be assured when this will end. The business of the Nation has shrunk exponentially with no hope of recovering for months to come. The GDP growth of the Nation is severely affected by the demonetization. People who are the victim of this movement, one no having the bank account. People passing through this hassle for quiet a time. What business has mostly emerged from this situation? Digital payment is being encouraged by this movement. People are relying on the digital payment in order to save cash. India is now becoming the country where digital payment is done every corner of the Nation where this method did not exist one month ago.

The impact of the digital payment on India due to demonetization as follows:

  • Digital Wallet like Payu money, Paytm and oxygen wallet is being encouraged and has grown exponential during this period.
  • Use of the Debit/Credit card is done all over the country. It is accepted even at the small time shop.
  • The transaction is done digitally during this period. Utilization of the bank has been encouraged more during this period.
  • There has been a lot of offers and discounts provided by the shopkeeper in order to avail profit from digital payment.
  • No room for cheating is left in the digital transaction.
  • Dealing become easier instead of going through the hassle of change

(Also see: Demonetization is an opportunity for businesses to adapt to cashless transaction methods)

Well, these above the impact of the demonetization that transformed the nation into digital payment. There need to be alert from the hackers as the security issue has been raised from the government in last one month. If something new will emerge but the issue will also be raised with it. The best way to established this system in the country, the government has address any kind of issue related to this movement maturely.

(Read Blog: How apps can put your business out of the less-cash chaos?)