Google Pay most downloaded fintech app globally in Jan; PhonePe leads in India

Google Pay has once again become the most downloaded fintech app globally in a month, recording 10.6 million downloads in January in which India contributed 77.3% or 8.2 million installs, data sourced from Sensor Tower shows.

In December, Google Pay had clocked 10.3 million downloads globally.

In the global top five most-downloaded fintech apps, India’s PhonePe and Paytm grabbed the 3rd and 5th spot respectively. PhonePe recorded 9.2 million downloads in January whereas Paytm garnered 4.7 million downloads.

Homegrown app PhonePe was the most downloaded fintech app in India with 9.1 million downloads. Paytm, Dhani and Yono SBI recorded 4.6 million, 3.5 million and 3.3 million downloads respectively. Besides India, Google has a presence in the US, Russia, Ukraine, Brazil, Germany and Italy, among others.

It’s worth noting that PhonePe has been maintaining its lead over Google Pay in terms of UPI transactions volume for the past two months. According to data released by NPCI, PhonePe had recorded 968.72 million transactions worth Rs 1,91,973.77 crore in January whereas Google Pay registered 853.53 million transactions amounting to Rs 1,77,791.47 crore during the month.

UPI saw 2.3 billion transactions worth Rs 4,31,181.89 crore in January in which PhonePe’s share of transactions was 42% and Google Pay contributed 37%.