The rise in digital payments in India has led to the dawn of new businesses like PhonePe, Google Pay and Paytm in India. Among all the digital payments apps that are available in India, a study has found that Google Pay is the most downloaded finance app, followed by Flipkart-owned PhonePe in the month of May.
In case of the Google Pay, out of the 90 lakh installs, 99.9 per cent were downloaded in India, said the mobile app intelligence firm Sensor Tower. It recorded 24 crore UPI transactions in the month of May, as per The Economic Times report. PhonePe, on the other hand, saw more than 47 lakh downloads in May, which represented a 27 percent year-on-year growth from May 2018, according to the app download estimates from Sensor Tower's Store Intelligence platform. PhonePe clocked 23 crore UPI payments last month.
"Like Google Pay Tez, the majority of the installs are from India at 99.4 percent. PayPal, Cash App and UnionPay made up the rest of the five most installed apps in the category," Julia Chan, Mobile Insights Analyst at Sensor Tower, wrote in a blog post.
The Unified Payments Interface (UPI)-based apps came into prominence after the Modi-led government announced demonetisation in November 2016 and got rid of the Rs 1,000 and Rs 500 currency notes. Following this, the government took several steps to make India a cashless and digitise the mode of transactions. The UPI platform is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions.
Edited By: Udit Verma