Paytm Downloads Drop: PhonePe Gains Momentum | Indian News | India Business News

Feb 8, 2024

Mumbai: Paytm's loss is PhonePe's gain. This is revealed by data obtained from industry executives from market intelligence platform AppTweak. daily average downloads On Paytm app Google Play Store The number dropped from 2.4 lakh during the period January 24-31 to 1.4 lakh between February 1-7.
On the other hand, daily app downloads of rival PhonePe on Play Store increased from 4.4 lakh to 5.5 lakh during the same period. bhim app It also gained popularity among users, with a total of 3.6 lakh daily downloads during the first seven days of the month. Google Pay's app download figure reached close to 2 lakh. AppTweak said that the accuracy rate of download estimation is around 85-90%.
“PhonePe's share in app downloads was already rising. The trend got an additional boost after January 31 following the RBI directive on Paytm Payments Bank,” Karan Lakhwani, India head, AppTweak, told TOI. Smaller players like MobiKwik also gained share, registering around 45,000 daily downloads on the Play Store. On Apple's App Store, Paytm's daily app downloads averaged around 8,000 during February 1-7, compared to 25,000 for PhonePe and Google Pay, the data showed.
PhonePe declined to comment. During this period, PhonePe saw the highest share with around 40 lakh downloads across both the platforms, followed by BHIM with around 25 lakh downloads. The data shows that Paytm lagged behind by about 11 lakh. “We do not consider market reports to be reliable sources. However, our internal reports suggest continued growth over the past week,” a Paytm spokesperson said in response to questions.
Last week, the RBI imposed severe restrictions on the operations of PPBL after lapses in compliance with the regulatory framework on KYC led to apprehension among users. On Thursday, RBI said that the Paytm app will not be affected by the recent order issued against PPBL, which will provide some relief to the company. Share price of One97 Communication (Paytm parent) closed at Rs 447, down nearly 10% on the BSE on Thursday.
A senior employee of the company, on the condition of anonymity, said that PPBL employees have started looking for new jobs amid uncertainty about the future of the bank. “The company has said that jobs will not be lost and some way out will be found but there is no clarity on the process. If things get worse, it will not be possible to shift all the people to other departments, especially compliance and risk departments. -related roles,'' the employee said, adding that PPBL has around 1,500-2,000 employees.
“Our senior leadership is in constant touch with all teams to ensure business continuity,” Paytm said.

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