Google Pay is the most popular digital payment app in the country. The Google-owned app was most overall downloaded fintech app last year as per Sensor Tower data. It was downloaded over 327 million times, with over 6X lead from second most downloaded fintech app.
PhonePe, at the second spot, got about 49 million installs. It’s worth noting that Paytm has been the most popular payments app. However, owing to Paytm Mall, Sensor Tower and Similarweb consider it in the shopping category, not in payments.
Both the apps (Google Pay and PhonePe) were also top most downloaded fintech apps on Google Play Store worldwide. They were followed by Alipay, Paypal, and Cash Back. The National Payment Corporation of India (NPCI) developed BHIM was at the eighth position on overall download and fifth on Google Play.
Google Pay has in last one year witnessed a phenomenal growth in terms of a number of active users. From 25 million monthly active users (MAU) in September last year to 45 million MAU by March 2019, it has added the most number of users in the period.
In terms of UPI transactions, Google Pay has left behind its close competitors such as PhonePe and Paytm.
In March, out of total UPI recorded transactions 800 million worth Rs 1,33,460,72 crore, Google Pay recorded UPI transactions worth Rs 43,000-Rs 45,000 crore. Whereas its rivals did transactions worth below Rs 32,000 crore.
Google Pay’s average transaction value (ATV) is higher by 50 % compared to PhonePe and Paytm.
Google-owned firm has become a preferred app for merchants. As per a report by Razorpay, Google Pay accounted for 54% of merchant transactions, which is 8 percent lesser than last year figure, on its platform.
Meanwhile, Similar Web Data also had almost similar ranking for fintech apps downloaded on Google Play Store. Google Pay and PhonePe were top fintech apps. BHIM was at ninth place.
The rapid growth of private players has made a huge dent on government-regulated BHIM. In the last two years, the BHIM app has lost its market share. It processed about 1.9% of all UPI transactions and accounted for 4.6% of the amount transacted in April. The number of transactions on the BHIM UPI app was 15.2 million for the month of April.
