The world of mobiles is diverse—with thousands of devices in the market, one is hard-pressed for choice at any price point. However, once you have zeroed into the device you really want, the next fight is filling it up with all the amazing apps available on the operating platform of your choice. Android by Google and iOS by Apple are the two dominant mobile operating platforms that run their own application marketplaces—commonly called app stores that provide the apps that their users need.
The reasons for multiple platforms: The power of choice
The main reason for the existence of multiple operating platforms was choice. One size does not fit all—and in the case of mobile phones and apps, one operating platform certainly does not meet the requirements of all users who wish to use one. When Google and Apple announced that they would be charging a 30% commission on spends made through the play store and all payment providers must use Google’s payment system, many small business owners and providers offering in-app purchases in India were wary of losing out over 30% of their revenue in commissions.
Thinner margins or downright losses for small businesses
In many cases, businesses operate on a much thinner margin than 30% and shelling out that amount in commissions alone can be a problem for them. To work around this issue, companies such as Paytm launched their own mini App Store—a scaled-down version of the Android Play Store, where users can download and install what Paytm terms as mini-apps. These mini-apps are web apps that are essentially a website that is modified to run like an application on a mobile phone. Read more about web apps in our blog here.
Enter—choice! An app store within an app store!
Paytm has created a digital infrastructure called the Paytm Mini App Store that will allow individual developers and small businesses to quickly build and set up mini-apps that will leverage the power of HTML and JavaScript to function. Transactions on these apps will be handled using the Paytm wallet, Paytm payments bank, along with UPI and credit or debit cards, helping smaller businesses thrive using Paytm’s ecosystem of payments without any charges while using Paytm’s own payment processors, or with a low 2% charge on instruments such as credit cards. This will boost the adoption of our home-grown digital payment systems while allowing smaller businesses to thrive.
Why use this mini-app store?
Paytm’s Mini App Store offers users direct access to discover, browse and pay without downloading or installing separate apps. With more than 300 app-based service providers such as Decathlon, Ola, Park+, Rapido, Netmeds, 1MG, Domino’s Pizza, FreshMenu, NoBroker already signed up for the platform, the app store has garnered over 12 million visits since its closed-beta launch in September. The Paytm mini app store comes with a developer dashboard for analytics, payments collection along with various marketing tools to engage with the users.
How can my business benefit from such an app store?
According to Paytm: We believe that through this initiative India would be able to build a sustainable and thriving local technology ecosystem that resonates with the true spirit of Atmanirbhar Bharat. Growing technology companies will get the opportunity to rely on India’s Paytm to contribute towards the overall growth of the Indian economy and create employment.
We could not agree more. We believe in the power of technology as an enabler. With commission rates going beyond what a business would traditionally earn, prices of services and commodities on the digital ecosystem would rise exponentially, reducing the spending power of users in India, who are very price-sensitive when it comes to making decisions. If a business adopts the commission rate, they might end up losing their customer base instead of growing it.
With over 300 mini-apps already functioning on the Paytm mini app store, why should your business be left behind? At Volumetree we have years of experience creating world-class apps and platforms for our customers and would be happy to assist those willing to embrace this new wave.
We can help your business grow in two different ways:
- Creating a mini-app for your business
Our developers are experts in creating web apps for any platform and have successfully deployed many such apps in the last few years. With our expertise and years of experience by your side, we can help your company get your app on the app store—fast!
- Creating a mini-app store for your business
If you are a tech-entrepreneur who wishes to leverage the power of a digital ecosystem to offer a unique proposition to existing app owners, look no further. We have helped many of our customers create payment systems that other apps can integrate with and our professionals are experienced, well-trained and ready for a challenge, any day.
If your business is willing to jump the digital bandwagon or if you have an idea that could change the way people do business on the mobile-o-sphere, do not hesitate to give us a call. We will put you on a path to success, fast! Voluemtree is a technology-driven company that has acted as an enabler for hundreds of business and would be glad to help you on your journey to success.
