Google Pay was reportedly probably the most downloaded Fintech app (globally) through the month of February 2020 with 15.6 million downloads. It was intently adopted by Indian digital funds agency PhonePe’s app which was downloaded 6 million instances.
For Google Pay, that is notably greater than a 2X progress in whole downloads when in comparison with February 2019. The widely-used funds app received 83.6% of its downloads from customers based mostly in India. Round 5.7% of Google Play downloads had been from Russia.
In the meantime, PhonePe app’s whole downloads elevated by 39.5% when in comparison with February 2019. Almost all (99.3%) of the digital cost app’s downloads had been from India.
Sensor Tower’s report consists of whole downloads for each the App Retailer and Google Play (globally) from February 1, 2019 to February 29, 2020.
The expansion and adoption of each Fintech apps has been supporting India’s rising digital funds trade and ecosystem – which is essentially based mostly on the Unified Funds Interface (UPI).
In February 2020, UPI dealt with 1.32 billion transactions and recorded the best progress charge ever throughout a 1 month interval since its launch.
Google Pay and PhonePe lead all UPI supporters. They had been adopted intently by different native Fintech companies akin to Paytm and varied different opponents.
Alipay, Money App, and PayPal had been the opposite three main digital funds companies that rounded up the highest 5 listing of most continuously downloaded Fintech apps globally for the month of February.
Paytm-backed PayPay (a joint initiative supported by SoftBank and Yahoo Japan Corp.) and Google Pay for Enterprise had been ranked among the many prime 10 most downloaded funds apps.
Greater than seemingly, the figures for March and April 2020 will probably be considerably impacted by the lethal Coronavirus (COVID-19) pandemic, which has led to governments implementing strict lockdowns with a purpose to stop the additional unfold of the extremely contagious virus.
Folks’s on a regular basis routines and lives have drastically modified as a consequence of these lockdowns and curfews. An growing variety of distributors working through the disaster now favor to just accept digital or contactless funds with a purpose to decrease the unfold of the Coronavirus.