Mobile wallets like Freecharge play a crucial role in our lives, and the existence of these mobile wallet apps completely changed the way we carry out fund transactions and bill payments. None of us would have ever dreamt of the impact of these mobile wallets in our life. In this scenario, they have become the much-needed app to be carried in our mobile phones.
You might be one of those entrepreneurs interested in launching a mobile wallet app. We here to guide you through this blog with some insights about developing a mobile wallet app like Freecharge.
An overview of the Freecharge app
Freecharge is a leading mobile wallet app launched by the subsidies of Axis in 2010. Ever since, the app allows the users to make their prepaid, postpaid, DTH, metro recharge and utility bill payments. This leading app is available in all the major cities of India.
Initially, the app was started only for prepaid payment. However, over the years, it added various other services to its app like Postpaid mobile phone recharge, electricity bills, gas bills, utility bills, etc. As a result, within seven years, the app has raised a whopping 177.6 million USD in total from 2011 to 2017. This is the central turning point of Freecharge which emerged as a significant key player in the industry.
Freecharge introduced several marketing strategies to attract a large user base. For example, the app provided coupons for users to use at grocery points and food outlets to avail the offers; it has also partnered with several big shots like Croma, Cafe coffee day, Puma, and Dominos.
Steps to develop a Freecharge clone app
When you decide to develop your mobile wallet, you should understand that app development has its complexities. There are certain things to consider before launching a mobile wallet, like Freecharge.
Analyze the market
Before setting up a business in the respective industry, it is essential to analyze the market and present scenario. This will help you to brace yourself for the business environment. Firstly, you should research the market and identify the key players and their dominance in the market.
Be specific with your business idea
As an entrepreneur, be clear with what you want and what you want to focus on. Remember that you should be able to explain to your users about the problems you addressed in the market and your solution to overcome this. Then, the same plan should be transferred to your developers to develop the app accordingly.
Workout your revenue model
Have a clear picture of the ways to monetize your app. This is the critical stage of a business where you have to figure out your revenue generation model. For example, Freecharge earns most of its revenue through advertising its partners in the app. The app will offer coupons and discount offers to its users at certain shops. In return, the shops will pay for the app.
Likewise, you can generate revenue in many ways. Jot down them all on paper and check down their possibilities.
Hire the best developers from the city
Now, it’s time for you to materialize your ideas. So hire the best developers with vast knowledge about the latest technologies and software. It is advisable to go with the ready-made cloned apps as they are easy to launch in the market without involving much time. At this stage, it is essential to discuss the essential features and functionalities of the app. So, let us have a look at the vital features of the Freecharge clone app,
Enticing features of the Freecharge clone app
- User registration
Upon downloading the app, the users can register themselves with the app by providing their phone number, email address, and password.
- Linking the bank account
The users can get started with the app by linking their bank account with the Freecharge clone app. While linking the account, the users will receive secured SMS for verification.
- Browse the operators
An app is an ocean of users and services, and it is incredibly challenging for the users to browse through the app. The search box enables the users to type the names or numbers to search through the app and get the result in a few seconds.
- QR scan code
The users can pay their service providers effortlessly by scanning their QR codes. The service providers will display the QR code near the billing areas to scan them to pay their bills. Moreover, the users can easily scan the code and pay their bills.
- Push notifications
You can nowhere find an app without this feature as they are an essential function to communicate with the users. However, the Freecharge clone app will regularly send notifications and updates to the users through SMS regarding offers, discounts, and coupon codes.
How much does it cost to develop an app like Freecharge?
The total cost of developing an app cannot be predicted as they are not predetermined. The same applies to the Freecharge clone app. The app development price is based on several determinants like app platform, features and functionalities, market research, hours spent in developing the app, front-end and back-end development, level of customization, API integration, and bug fixing.
Mobile wallets have become the secure way of transacting funds and bill payments. Slowly, digital wallets have taken over digitization in recent years. So, it will be highly profitable for entrepreneurs to launch their mobile wallet app in the market.