While Paytm faces a major crisis following Reserve Bank of India’s (RBI) order to restrict Paytm Payments Bank from offering almost all major banking services, including taking deposits, FASTag, and credit transactions, from February 29, its rivals revelling. PhonePe, BHIM and Google Pay are seeing a surge in app downloads as users move to alternatives of Paytm.

Paytm Crisis: Paytm app is seen on a smartphone.(Reuters)

Moneycontrol reported citing data shared by app intelligence firm Appfigures that PhonePe clocked 2.79 lakh Android downloads on February 3- 45 per cent increase week-on-week from 1.92 lakh Android downloads on January 27. The app saw a 24.1 percent increase in its Android downloads to 10.4 lakh, from 8.4 lakh downloads for the corresponding period in the prior week (Jan 24-Jan 27), data showed as per the report.

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Additionally, National Payments Corporation of India (NPCI)’s Bharat Interface for Money (BHIM) app also clocked 1.35 lakh Android downloads on February 3- 21.5 per cent increase week-on-week from 1.11 lakh Android downloads on January 27 as per the report.

BHIM app saw a 50 per cent increase in its Android downloads to 5.93 lakh, from 3.97 lakh downloads for the corresponding period in the prior week (Jan 24-Jan 27), it was reported.

Meanwhile, Google Pay saw a more modest increase in its Android app downloads with the company clocking 1.09 lakh downloads on February 3- 4.9 per cent increase week-on-week from 1.04 lakh downloads on January 27.

Paytm’s loss in users during the same period

Paytm saw its Android app downloads decline to 68,391 on February 3, a 24 per cent decline week-on-week from 90,039 downloads on January 27. However, Paytm founder and CEO Vijay Shekhar Sharma assured users earlier saying that the app will “keep working beyond 29 February as usual”.

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