Paytm, the most valuable start-up in India and a leader in the digital payments market is on a never-seen-before roll. Its business soared last year as the pandemic and subsequent lockdown forced people to go digital for payments and financial transactions, thus leading to a surge in business for digital payment platforms. After it had recorded over 1.2 billion transactions in February, the fintech major announced in a press release on Tuesday that its Mini App Store has reached over 15 million monthly users. The app store features over 600 apps, with an additional 1000 in the pipeline, only six months after it was launched as a rival to Google and Apple’s app stores.
The press release also added some good news for developers who might have, earlier, struggled to have their apps featured on the Mini Apps Store. Paytm announced that it would be launching the Do-It-Yourself (DIY) flow, which will make it easier for developers to create and host their apps on Paytm’s platform and expand the reach of their business. Paytm is already aiding app developers across the country to accelerate their business and reach their target users, one of the reasons why it is well-liked by Indian developers.
If you are a developer, you can now create and host your app on the Mini Apps Store in three easy steps. Register by entering a few basic details on the same Business Dashboard which you already use for your payment settlement and reconciliations. Once you are onboarded, you will be able to easily integrate key features using the already installed Paytm app. Once you are done, you can submit the app for review and post-approval and finally, launch your Mini App to millions of Paytm users instantly.
Shreyas Srinivasan, Head of Paytm Mini Apps, said that they were very proud to empower a sustainable and thriving local technology ecosystem that resonates with the true spirit of Atmanirbhar Bharat, a mission that aims to make India a bigger and more important part of the global economy, pursuing efficient, competitive, and self-sustaining policies. “Our new DIY onboarding process will empower more developers to leverage our reach and digital infrastructure to build new innovative products. Developers also rely on Paytm Payment Gateway and payout services to offer a seamless payment experience to their customers. Unlike other app stores, developers get paid instantly and we charge 0% MDR on Wallet and UPI. This is an industry first and we hope this will further accelerate digital adoption in India,” he said.
The Mini Apps Store came into being when Paytm and Google locked horns in September 2020, when the US behemoth blocked the digital payments platform from its Play Store for violating its policy on sports betting activities. Although the app was restored later, its “cashback” feature had been removed. Paytm had alleged that it had been made to comply with Google’s Play Store policies which were meant to “artificially create Google’s market dominance.”
It was then that the Mini App Store came into being to support Indian developers and host mini-apps without any charges. Mini apps are custom-built mobile websites that give users the experience of an actual app without having to download the app itself.