Last week, the Reserve Bank of India (RBI) directed Paytm Payments Bank to stop accepting new deposits or top-ups in any customer accounts, wallets, or FASTags after February 29. The reason given was non-compliance with regulations. Since then, Paytm has been working to reassure its users. CEO Vijay Shekhar Sharma has confirmed that the Paytm app will continue to function after February 29.
Increase in competitors' downloads
Following the RBI's order, a recent report by Moneycontrol revealed a significant increase in downloads from the Google Play store for some of Paytm's competitors. Apps like PhonePe, Google Pay, and NPCI's BHIM app saw a surge in downloads.
PhonePe's growth
According to data from app intelligence firm Appfigures, PhonePe witnessed a 45 per cent week-on-week increase in app downloads on February 3. This was compared to January 29. In the four days after the RBI order, PhonePe's app downloads increased by 24.1 per cent.
BHIM app's rise
NPCI's BHIM app also experienced a notable growth in app downloads. There was a 21.5 per cent week-on-week increase from January 27 to February 3. During the same four-day period, there was a 50 per cent rise in app downloads.
Google Pay's performance
Google Pay saw a moderate increase in the number of Android app downloads from January 27 to February 3. After the RBI decision, there was an 8.4 per cent rise in Android app downloads from January 31 to February 3.
Decline in Paytm app downloads
In contrast, Paytm's Android app downloads dropped by 24 per cent from January 27 to February 3. Additionally, the company's ranking in the Google Play store fell from 18th to 40th in the free apps category.
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