As per fresh numbers coming in, Google Pay has become world’s most downloaded fintech app, as it has beaten all other apps in the month of August.
Meanwhile there are two home-grown fintech apps in the top 10 list: PhonePe and Paytm.
But the interesting fact is, PhonePe has beaten Paytm in the total number of downloads for August month.
Are we witnessing a fintech disruption here?
Google Pay Is World’s #1 Fintech Apps For August
As per numbers shared by Sensor Tower, Google Pay was world’s most downloaded fintech app, for the month of August, globally.
More than 1 crore new users from all over the world downloaded Google Pay for making digital payments in August.
And 77% of these new downloads came from India, which shows the rising popularity of Google Pay in India.
In July, Google Pay was ranked #3 in the most downloaded list, as Paypal topped the charts.
Also Read: Correction in Gold Prices Impacts Gold Loans
PhonePe Beats Paytm In New Downloads
Meanwhile both PhonePe and Paytm were able to make their marks in the top 10 list of fintech apps in August.
However, it was PhonePe which was able to beat Paytm in the total number of new downloads for August month.
While PhonePe was downloaded by 6.7 million new users in August, Paytm was downloaded 4 million time.
PhonePe was globally ranked #4 in the most downloaded fintech apps list, while Paytm was ranked #6.
Overall, in the total number of users list, Paytm is way ahead of PhonePe as of now.
While PhonePe has 200 million+ users, Paytm has 450 million+ total users.
But it seems that the gap is closing fast.
If we talk about only UPI based transactions, then Google Pay was able to process 75 transactions on UPI, whereas Paytm recorded only 30 million, and PhonePe 60 million.
Having said that, UPI is not a key focus area for Paytm as of now, whereas both Google Pay and PhonePe are heavily dependent on the UPI mode of payments.
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