Google Pay most downloaded fintech app globally in Aug; PhonePe claims 4th spot

Google Pay was the most downloaded fintech app across the world in August. The UPI-enabled digital payments app was downloaded over 10 million times last month of which 77% or 7.8 million installs came from India, shows data sourced from Sensor Tower.

In the top 10 list, home-grown digital payments apps PhonePe and Paytm claimed the 4th and 6th spot respectively in the most downloaded fintech apps list during the period. PhonePe was downloaded around 6.7 million whereas Paytm cornered over 4 million installs.

Google Pay, PhonePe and Paytm stood at 3rd, 6th and 8th spot respectively in July. Except for that month, Google Pay has been maintaining the top position in 2020.

The success of UPI in India has helped Google Pay to become the most popular payment app in the country. Launched three years ago in India, the Google-owned company has been able to maintain a lead over its arch rivals PhonePe and Paytm. 

Google Pay had around 75 million transacting users in May, this year while PhonePe and Paytm recorded 60 million and 30 million users, respectively. It’s worth noting that Paytm hasn’t been betting on UPI since last April.

In the UPI ecosystem, the trio collectively controls a 90% market share in terms of transactions. According to the latest data released by NPCI, UPI had clocked 1.61 billion transactions amounting to Rs 2.98 trillion in August. 

Apart from PhonePe and Paytm, YONO app by State Bank of India has entered the top 10 list and garnered 3.4 million downloads during the month.

After the announcement of nationwide lockdown in March, consumers have been switching to digital payment methods to stay protected. The wide adoption of UPI apps, especially during Covid-19 pandemic to contain the spread, is the likely reason behind the surge in the number of downloads of Google Pay and other aforementioned players.