Paytm, India’s leading digital payments platform, experienced a significant drop in Android app downloads, declining by 24% to 68,391 on February 3rd. This decline follows the Reserve Bank of India’s directive to restrict Paytm Payments Bank from offering several key banking services starting February 29th.
As Paytm grapples with this regulatory setback, its competitors are seizing the opportunity. PhonePe, BHIM, and Google Pay are witnessing a surge in app downloads as users seek alternatives to Paytm.
According to data from app intelligence firm Appfigures, PhonePe observed a remarkable increase in Android downloads, reaching 2.79 lakh on February 3rd, marking a 45% rise from the previous week. Similarly, BHIM recorded a 21.5% increase in downloads, while Google Pay saw a more modest 4.9% rise.
On the contrary, Paytm experienced a notable loss in users during the same period, with its Android app downloads plummeting to 68,391. However, Paytm’s founder and CEO, Vijay Shekhar Sharma, has reassured users that the app will continue to operate as usual beyond February 29th.
This shift in app downloads underscores the competitive landscape of India’s digital payment sector and highlights the importance of adaptability in the face of regulatory challenges.
