Paytm application everyday downloads have declined strongly since February 1

Paytm application downloads declined 55% to 60,627 on February 19 from 135,139 on February 1, as per the information shared by Appfigures, a versatile examination and knowledge stage in New York.

Sharat Chandra, co-founder of India Blockchain Forum, said, “The narrative of uncertainty and trust deficit among consumers echoes the decline in Paytm app downloads.” “With Goldman Sachs projecting a huge YoY income decline for FY25 and an anticipated market share reduction, Paytm faces a crucial second in exploring purchaser certainty and supporting its situation on the lookout.

Day-to-day downloads of the Paytm application have fallen since February 1, a day after the Reserve Bank of India forced checks on Paytm Payments Bank (PPBL). During this time, downloads of the BHIM UPI application expanded by 49%, while the Google Pay application everyday downloads dropped by 10.6 percent.

BHIM UPI downloads increased by 331,781 on February 19 from 222,439 on the first day of this current month. Google Pay’s day-to-day application downloads dropped to 94,163 from 105,296. PhonePe’s downloads flooded to 503,436 on February 7 from 317,522 on February 1 and facilitated to 163,011 on February 19.

On January 31, Paytm Payments Bank was subjected to significant business restrictions from the Reserve Bank of India. Among these restrictions was the inability to accept new deposits and credit transactions. The central bank referred to tireless rebelliousness and proceeded with material administrative worries at PaytmPayments Bank that justified the activity.

We know the activity is against Paytm Payments Bank and does not affect the Paytm UPI application. Be that as it may, as a wariness, we are moving our records to other payment aggregators. It’s obvious, that trust is overwhelmingly significant in business, Singhal said.

On another hand, Merchants have begun moving to other applications and bank accounts for digital payment transactions. Yogesh Singhal, director of the Bullion Market Association in Delhi, expressed that since the fresh insight about Paytm Payments Bank emerged, merchants changed to applications, for example, PhonePe, Google Pay, and BHIM UPI.

Most little sellers like us had Paytm applications and had bank accounts in Paytm Payments Bank, where we used to get day-to-day business money. After this, they started moving to open a new account with another bank and have begun utilizing other payment applications for everyday transactions like Google Pay, PhonePe

The RBI, in its FAQ on Paytm Payments Bank on February 16, said the bank has been coordinated to permit withdrawals or moves to other bank accounts of customers up to the sum accessible in the account/wallet.

The regulator added that Paytm soundboxes and Paytm POS terminals connected to bank accounts or wallets with Paytm Payments Bank can not get any credit other than refunds, cashback, sweep-ins from partner banks, or interest after March 15, 2024.

Also read: Big relief to Paytm Payments Bank till March 15, 2024