Paytm app downloads decrease by 24% as consumers switch to PhonePe, BHIM, and Google Pay
While Paytm is now dealing with a significant problem due to the Reserve Bank of India’s (RBI) directive to limit Paytm Payments Bank’s ability to provide most banking services, such as accepting deposits, FASTag, and credit transactions, starting on February 29, its competitors are enjoying the situation. PhonePe, BHIM, and Google Pay are experiencing an increase in app downloads as users switch to alternatives to Paytm. Paytm Issue: The Paytm application is visible on a mobile device.
According to data released by app analytics firm Appfigures, PhonePe had 2.79 lakh Android downloads on February 3, which is a 45% increase compared to the 1.92 lakh Android downloads on January 27. The application experienced a 24.1 percent rise in its Android downloads to 1.04 million, from 840,000 downloads for the same period in the previous week (January 24 to January 27), according to the data presented in the study.
Additionally, according to the report, the National Payments Corporation of India (NPCI), which developed the Bharat Interface for Money (BHIM) app, had 135,000 Android downloads on February 3, a 21.5% increase from the 111,000 Android downloads on January 27.
The BHIM app experienced a 50 percent rise in its Android downloads, reaching 5.93 lakh, compared to 3.97 lakh downloads during the same period in the previous week (Jan 24-Jan 27), as reported.
Meanwhile, Google Pay experienced a less significant rise in its Android app downloads, with the company seeing 1.09 lakh downloads on February 3—a 4.9 percent increase compared to the 1.04 lakh downloads on January 27.
The decrease in Paytm’s user base during the same time frame
Paytm observed a decrease in the number of downloads for its Android app, with 68,391 downloads on February 3. This represents a 24% fall compared to the 90,039 downloads on January 27. Nevertheless, Paytm founder and CEO Vijay Shekhar Sharma provided previous reassurance to consumers, stating that the app will “continue functioning normally beyond 29.”
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