Paytm's woes are benefiting other apps as users try options - Hindustan Times
close_game
close_game

Paytm app downloads down 24% as users turn to PhonePe, BHIM, Google Pay

Feb 06, 2024 06:09 PM IST

Paytm saw its Android app downloads decline to 68,391 on February 3, a whopping 24 per cent decline week-on-week.

While Paytm faces a major crisis following Reserve Bank of India's (RBI) order to restrict Paytm Payments Bank from offering almost all major banking services, including taking deposits, FASTag, and credit transactions, from February 29, its rivals revelling. PhonePe, BHIM and Google Pay are seeing a surge in app downloads as users move to alternatives of Paytm.

Paytm Crisis: Paytm app is seen on a smartphone.(Reuters)
Paytm Crisis: Paytm app is seen on a smartphone.(Reuters)

Read more: Paytm's Vijay Shekhar Sharma tells employees amid crisis: 'Don't know what…'

Moneycontrol reported citing data shared by app intelligence firm Appfigures that PhonePe clocked 2.79 lakh Android downloads on February 3- 45 per cent increase week-on-week from 1.92 lakh Android downloads on January 27. The app saw a 24.1 percent increase in its Android downloads to 10.4 lakh, from 8.4 lakh downloads for the corresponding period in the prior week (Jan 24-Jan 27), data showed as per the report.

Unlock exclusive access to the story of India's general elections, only on the HT App. Download Now!

Read more: From 83 lakh to 9.3 crore: Microsoft's soaring shareholder wealth in 10 years under Satya Nadella

Additionally, National Payments Corporation of India (NPCI)'s Bharat Interface for Money (BHIM) app also clocked 1.35 lakh Android downloads on February 3- 21.5 per cent increase week-on-week from 1.11 lakh Android downloads on January 27 as per the report.

BHIM app saw a 50 per cent increase in its Android downloads to 5.93 lakh, from 3.97 lakh downloads for the corresponding period in the prior week (Jan 24-Jan 27), it was reported.

Meanwhile, Google Pay saw a more modest increase in its Android app downloads with the company clocking 1.09 lakh downloads on February 3- 4.9 per cent increase week-on-week from 1.04 lakh downloads on January 27.

Paytm's loss in users during the same period

Paytm saw its Android app downloads decline to 68,391 on February 3, a 24 per cent decline week-on-week from 90,039 downloads on January 27. However, Paytm founder and CEO Vijay Shekhar Sharma assured users earlier saying that the app will "keep working beyond 29 February as usual".

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Stay informed on Business News, TCS Q4 Results Live along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, April 12, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On