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HomeCURRENT AFFAIRSBUSINESSRBI Ban on Paytm Payments Bank Leads to Surge in Downloads of...

RBI Ban on Paytm Payments Bank Leads to Surge in Downloads of Competitor Apps Like Google Pay, PhonePe

RBI Ban Sparks Shift: Paytm Competitors Witness Surge in Downloads - PhonePe Up 45%, BHIM Soars 50%, Google Pay Sees Growth

Last week, the Reserve Bank of India (RBI) imposed a ban on Paytm Payments Bank. Effective from February 29, Paytm Payments Bank will no longer accept deposits or top-ups into any customer account, wallet, or FASTag. This regulatory action has resulted in a surge of downloads for alternative apps. As reported by Moneycontrol, users are swiftly downloading competitor apps of Paytm following the RBI’s directive. This list encompasses PhonePe and Google Pay, in addition to the NPCI’s BHIM app.

PhonePe App Sees 45% Increase in Downloads

Appfigures, an app intelligence firm, reports a notable 45% increase in PhonePe app downloads on a weekly basis. On February 3 alone, the app garnered 2.79 lakh downloads, indicating a significant uptick in user adoption. Comparatively, on January 29, the app was downloaded 1.92 lakh times. The period between January 24 and 27 witnessed a substantial surge, with 8.4 lakh downloads recorded for PhonePe. Following the RBI’s order, the app’s downloads further escalated to 10.4 lakh between January 31 and February 3.

BHIM App Downloads Up 50%

The BHIM app, overseen by the National Payments Corporation of India (NPCI), experienced a commendable 21.5% week-on-week growth in downloads. From 1.11 lakh downloads on January 27, the figures rose to 1.35 lakh by February 3, indicating sustained user engagement. Notably, between January 31 and February 3, there was a remarkable 50% surge in BHIM app downloads, escalating from 3.97 lakh to 5.93 lakh over the weekend of February 3.

Marginal Increase in Downloads for Gpay

Google Pay downloads saw a small but notable bump recently. Between January 27th and February 3rd, downloads grew 8.4% on Android, jumping from 1.04 lakh to 1.09 lakh. This follows a decision by the RBI, suggesting a potential link. Looking at the bigger picture, overall downloads (not just Android) climbed from 3.64 lakh last week to 3.95 lakh in the period mentioned above.

Rapid Decline in Paytm Downloads

While there is a surge in downloads of Paytm’s competitor apps, there has been a significant decrease in Paytm’s Android app downloads. On January 27, the Paytm app had 90,039 downloads, which dropped to 68,394 by February 3.

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