PhonePe has become the foremost downloaded fintech app in India, in November. This information has been sourced from Sensor Tower.
About 10% increase in download has been reported, comparing the previous month. It’s over 9 million times the app has been downloaded across Android and IOS platforms in India. Google Pay has shown a drop of 21% with 8.18 million times installation.
In 2020, PhonePe has twice won the lead over Google pay. In July PhonePe has recorded 5.6 million downloads whereas Google pay had 5.36 million installations. In global rankings, the search giant owned UPI based payments app has maintained its supremacy with 10.7 million downloads to become the leader within the foremost downloaded app in fintech. Apart from India, Google Pay has its presence in Australia, Canada, Japan, Russia, Singapore, Ukraine, the uk , and thus the US. In November, it has received 78% downloads from India.
Paytm, Indiabulls Dhani, and YONO SBI have grabbed the third, fourth, and fifth position respectively within the top five list of most downloaded fintech app in India, during November. During the quantity Paytm was downloaded quite 3.7 million times followed by Dhani’s 3.5 million and YONO SBI’s 2.9 million downloads.
Importantly, PhonePe has the foremost important market share among all the UPI-based apps. As of the data from October, it controls quite 40% market share within the UPI ecosystem with 835 million transactions. During the same time, Google Pay recorded 819 million transactions and slipped to the second position. Last week, Flipkart had announced a partial spin-off of PhonePe during a move which can help the latter to constitute a replacement board of directors and access outside capital to fund its long-term ambitions over subsequent three to four years.
As an area of the hive off, PhonePe also announced to spice up $700 million in primary capital at a post-money valuation of $5.5 billion from existing Flipkart investors led by Walmart. Consumers are switching to digital payment methods ever since the lockdown has started in March. The wide adoption of UPI apps, especially during Covid-19 pandemic to protect themselves from virus and to remain safe, is that the likely reason behind the surge within the number of downloads of PhonePe, GooglePay etc.
