Daily downloads of the Paytm app have fallen since February 1 while those of BHIM UPI app increased 49 per cent. Google Pay app daily downloads dropped 10.6 per cent during the period. This comes after the Reserve Bank of India imposed curbs on Paytm Payments Bank (PPBL) resulting in its app downloads to decline by 55 per cent to 60,627 on February 19 from 135,139 on February 1, according to data shared by Appfigures.
Paytm crisis: Cutlery vendor switches on Paytm, a digital payments firm, speaker to receive received payment details at a roadside market in Ahmedabad. (Reuters)
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Sharat Chandra, co-founder of India Blockchain Forum, said, "The decline in Paytm app downloads echoes a narrative of uncertainty and trust deficit among consumers. With Goldman Sachs projecting a significant YoY revenue decline for FY25 and an anticipated market share reduction, Paytm faces a pivotal moment in navigating consumer confidence and sustaining its position in the market."
BHIM UPI downloads jumped to 331,781 on February 19 from 222,439 on February 1. Google Pay’s daily app downloads dropped to 94,163 from 105,296 while PhonePe’s downloads surged to 503,436 on February 7 and eased to 163,011 on February 19.
RBI restrictions on Paytm
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The Reserve Bank of India imposed restrictions on Paytm Payments Bank on January 31 including a halt to accepting fresh deposits and credit transactions as the central bank cited non-compliance.
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The Reserve Bank of India imposed restrictions on Paytm Payments Bank on January 31 including a halt to accepting fresh deposits and credit transactions as the central bank cited non-compliance.
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The RBI said that Paytm has been directed to allow withdrawals or transfers to other bank accounts of customers up to the amount available in the account/wallet. Meanwhile, Paytm soundboxes and POS terminals linked to bank accounts or wallets will not be able to receive any credit after March 15.
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Home/Business/Users ditch Paytm? App's daily downloads declined this much since February 1
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