In a stunning choice final week, the Reserve Financial institution of India had ordered Paytm Funds Financial institution to not settle for recent deposits or top-ups in any buyer account, wallets or FASTags after February 29, citing non-compliance and regulatory considerations. Since then, the corporate has been working to allay customers’ considerations, with CEO Vijay Shekhar Sharma additionally coming ahead to verify that the Paytm app will proceed to work past February 29.
A current report by Moneycontrol has now revealed that because the RBI order, there was a major enhance within the variety of downloads from the Google Play retailer for a lot of Paytm’s opponents reminiscent of PhonePe, Google Pay and NPCI’s BHIM app.
The report, citing knowledge from app intelligence agency Appfigures, famous that PhonePe noticed a forty five% week-on-week enhance in app downloads with 2.79 lakh app downloads on February 3 in comparison with 1.92 lakh downloads on January 29. In the meantime, within the four-day interval following the RBI order, PhonePe noticed a 24.1% enhance in app downloads from 8.4 lakh downloads between January 24-27 to 10.4 lakh downloads between January 31 and February 3.
One other Paytm competitor, Nationwide Funds Company of India’s (NPCI) BHIM app additionally recorded a major 21.5 % week-on-week enhance in app downloads from 1.11 lakh downloads on January 27 to 1.35 lakh downloads on February 3. Furthermore, in the course of the four-day interval from January 31 – February 3, the BHIM app witnessed a 50 per cent enhance in app downloads from 3.97 lakh within the earlier week to five.93 lakh within the week ending February 3.
In the meantime, Google Pay noticed a modest week-on-week enhance within the variety of Android app downloads from 1.04 lakh on January 27 to 1.09 lakh on February 3. Within the 4 days following the RBI choice, Google Pay noticed an 8.4% enhance in Android app downloads from 3.64 lakh within the earlier week to three.95 lakh downloads between January 31 – February 3.
Not solely have downloads of Paytm’s rivals reportedly elevated considerably, the Moneycontrol report notes that Android downloads of the Paytm app downloads additionally noticed a 24 per cent week-on-week decline from 90,039 downloads on January 27 to 68,391 downloads on February 3. The corporate has additionally seen its rating within the Google Play retailer drop from 18th to fortieth within the free apps class.
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Printed: 07 Feb 2024, 08:06 AM IST
