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Paytm Regulatory Woes Trigger Competitors' App Download Boom

  • Posted on February 7, 2024
  • Business
  • By TSW NEWS DESK
  • 133 Views

Following regulatory action by RBI on Paytm, barring new deposits, competitors like PhonePe, Google Pay, and BHIM witnessed a surge in app downloads. PhonePe saw a 45% increase, BHIM 21.5%, while Google Pay experienced moderate growth. Conversely, Paytm's downloads plummeted by 24%.


Paytm Regulatory Woes Trigger Competitors' App Download Boom Image Source -www.economictimes.indiatimes.com

Amid regulatory constraints imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank, competitors experienced a surge in app downloads. The directive, barring new deposits, stirred a significant response in the digital payment landscape. Paytm's reassurance efforts were overshadowed by competitors' newfound momentum.

CEO Vijay Shekhar Sharma's confirmation that Paytm's app would remain operational beyond February 29 aimed to pacify users. However, data from app intelligence firm Appfigures indicates a contrasting narrative. Competitors such as PhonePe, Google Pay, and NPCI's BHIM app seized the opportunity, witnessing substantial spikes in app installations.

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PhonePe, in particular, demonstrated remarkable growth, with a 45% increase in app downloads week-on-week following the RBI's directive. Similarly, NPCI's BHIM app experienced a noteworthy surge of 21.5%, paralleled by a 50% rise during four days after the regulatory announcement.

Although Google Pay observed a more moderate increase in app downloads during the specified timeframe, the trend signalled a shift favouring competitors. Conversely, Paytm faced a setback, with a 24% decline in Android app downloads from January 27 to February 3. Additionally, its ranking in the Google Play store plummeted from 18th to 40th in the free apps category.

The regulatory intervention not only impacted Paytm's market standing but also catalyzed a competitive resurgence. Competitors capitalized on the opportunity, leveraging Paytm's regulatory woes to bolster their own user base and market share, reshaping the dynamics of India's digital payment ecosystem.

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