PhonePe, BHIM, and Google Pay Surge in Downloads Amid Paytm's Crisis

6 Feb 2024 , 03:57 PM

Amidst Paytm’s existential crisis, competitors PhonePe, BHIM, and Google Pay witnessed a surge in app downloads, indicating a shift in consumer preference.

PhonePe observed a 45% week-on-week increase in Android downloads, reaching 2.79 lakh on February 3, backed by a 24.1% rise in the four-day period from January 31 to February 3.

PhonePe’s marketing efforts propelled it to the top spot in the free apps category on Google Play Store and Apple App Store in India. PhonePe Business app also saw a substantial rise in rankings.

BHIM app experienced a 21.5% week-on-week increase in Android downloads on February 3, totaling 1.35 lakh, with a 50% surge in the four-day period from January 31 to February 3.

BHIM’s remarkable growth is reflected in its app rankings, rising to 7th position on Google Play and 40th position on the App Store as of February 5.

Google Pay witnessed a more modest 4.9% week-on-week increase in Android downloads on February 3, totaling 1.09 lakh, with an 8.4% rise in the four-day period from January 31 to February 3.

The surge in downloads for competitors follows RBI’s restrictions on Paytm Payments Bank, impacting Paytm’s rankings and resulting in a 24% decline in Android downloads on February 3.

Despite reassurances from founder Vijay Shekhar Sharma, Paytm is in talks with banking partners to transfer business from Paytm Payments Bank, while potential partners await regulatory direction.

For feedback and suggestions, write to us at [e-mail]