Updated February 7th, 2024 at 11:28 IST
Paytm Struggles: These Fintech Apps Witness MASSIVE Surge in Downloads | Full List
PhonePe, BHIM, and Google Pay are witnessing a massive surge in app downloads. Read detailed report.
Paytm Latest News Update: At a time when Paytm is struggling following the Reserve Bank of India's (RBI) order, the fintech's competitors such as PhonePe, BHIM, and Google Pay are witnessing a massive surge in app downloads. This surge can be attributed to users swiftly migrating towards alternative platforms in light of Paytm's plight.
PhonPe: According to data shared by app intelligence firm Appfigures, PhonePe witnessed a notable surge in its Android downloads. On February 3, the app recorded 2.79 lakh Android downloads, marking a substantial 45 per cent increase compared to the previous week's figures of 1.92 lakh downloads on January 27. , PhonePe experienced a significant uptick of 24.1 per cent in its overall Android downloads, reaching 10.4 lakh downloads compared to 8.4 lakh downloads during the same period in the prior week (Jan 24-Jan 27), a business portal reported quoting data shared by app intelligence firm Appfigures.
BHIM: The Bharat Interface for Money (BHIM) app, overseen by the National Payments Corporation of India (NPCI), observed a notable increase in its Android downloads as well. On February 3, BHIM recorded 1.35 lakh Android downloads, reflecting a significant 21.5 per cent surge compared to the previous week's figures of 1.11 lakh. During the specified period from January 24 to January 27, the BHIM app experienced a substantial surge in its Android downloads, marking a remarkable 50 per cent increase. The app's downloads soared to 5.93 lakh, up from 3.97 lakh downloads recorded in the prior week. This surge in downloads signifies a heightened interest among users in adopting BHIM as a preferred digital.
Google Pay: Google Pay witnessed a more moderate rise in its Android app downloads. On February 3, the company recorded 1.09 lakh downloads, representing a 4.9 per cent increase compared to the previous week's figures of 1.04 lakh downloads.
For the unversed, the RBI, last week ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits conduct credit transactions or carry out top-ups on any customers' accounts, prepaid instruments, wallets, cards for paying road tolls after February 29. While users have the option to switch to other wallets, and FASTag services etc being provided by other vendors, Paytm management has said that PPBL is in discussion with RBI to comply with their direction for continuing the business.
Published February 6th, 2024 at 18:04 IST
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