<p><strong>MUMBAI:</strong> PhonePe gains from Paytm’s loss. According to statistics obtained from industry experts by market intelligence company AppTweak, the average number of downloads of Paytm’s app on the Google Play Store per day dropped to 1.4 lakh between February 1 and 7, from 2.4 lakh between January 24 and January 31.</p>
<p><img decoding=”async” class=”alignnone wp-image-392798″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-downloads-decline-as-phonepe-rises-paytm-phonepe-google-pay-users-1707278353-750×422.jpg” alt=”theindiaprint.com paytm downloads decline as phonepe rises paytm phonepe google pay users 1707278353″ width=”992″ height=”559″ title=”Paytm downloads decline as PhonePe rises 24″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-downloads-decline-as-phonepe-rises-paytm-phonepe-google-pay-users-1707278353-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-downloads-decline-as-phonepe-rises-paytm-phonepe-google-pay-users-1707278353-1024×576.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-downloads-decline-as-phonepe-rises-paytm-phonepe-google-pay-users-1707278353-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-downloads-decline-as-phonepe-rises-paytm-phonepe-google-pay-users-1707278353-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-downloads-decline-as-phonepe-rises-paytm-phonepe-google-pay-users-1707278353-150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-downloads-decline-as-phonepe-rises-paytm-phonepe-google-pay-users-1707278353.jpg 1200w” sizes=”(max-width: 992px) 100vw, 992px” /></p>
<p>Conversely, during the same time period, rival PhonePe’s daily app downloads on the Play Store increased from 4.4 lakh to 5.5 lakh.The BHIM app gained popularity as well; in the first seven days of the month, 3.6 lakh downloads were made per day. Nearly two lakh people downloaded the Google Pay app. According to AppTweak, between 85 and 90 percent of the download estimates are accurate.<br />
“PhonePe’s percentage of downloaded apps was already increasing. After the RBI’s mandate on Paytm Payments Bank on January 31, the process gained more momentum,” AppTweak’s head of India, Karan Lakhwani, said TOI. Littler competitors like MobiKwik increased their market share as well; the Play Store saw around 45,000 downloads per day. According to the statistics, between February 1 and 7, Paytm’s daily app downloads on Apple’s App Store were about 8,000, while PhonePe and Google Pay downloaded an average of 25,000.<br />
PhonePe chose not to respond. With over 40 lakh downloads across both platforms at that time, PhonePe had the largest percentage of total downloads, followed by BHIM with about 25 lakh downloads. According to the report, Paytm trailed behind with around 11 lakh. Market reports are not something we trust as a reputable source. In answer to questions, a Paytm representative said, “Our internal data indicates a constant rise in the preceding week.<br />
Users were skeptical when the RBI severely restricted PPBL’s activities last week due to violations of the KYC regulatory framework. The RBI said on Thursday that the current ruling against PPBL would not affect the Paytm app, giving the firm some respite. The shares of One 97 Communication, the parent company of Paytm, ended the day at Rs 447 on the BSE, down about 10%.<br />
Because of the uncertainty surrounding the bank’s future, PPBL workers have begun seeking for other positions, a senior employee at the company said on condition of anonymity. “The corporation has said that no employment would be lost and that a solution will be found, although the procedure is unclear. The person said that PPBL employs between 1,500 and 2,000 individuals. “If things get worse, it won’t be possible to shift all people into other departments, especially those with compliance and risk-related roles,” the source stated.<br />
“Our senior leadership is in constant communication with all teams to ensure business continuity,” Paytm said.</p>
