Paytm’s troubles are increasing continuously after the serious step taken by RBI against Paytm Payment Bank. After the order of RBI, users of Paytm Payments Bank will neither be able to debit nor credit the amount through Paytm Payments Bank after 29th February. Not only this, if your Fastag is linked to Paytm Payment Bank then you will not be able to use it also. RBI has stopped the banking services of Paytm Payment Bank. Meanwhile, other online payment apps are taking full advantage of this crisis of Paytm.
Let us tell you that as soon as the news of ban on Paytm Payment Bank services came out, people started uninstalling it. Other payment apps like PhonePe, BHIM, Google Pay directly benefited from this. There has been a sudden increase in the users of all these three apps.
These apps got open ground
Paytm had a big market in India. Paytm had a dominance in the online payment sector. Due to Paytm, other apps were having to struggle a lot, but as soon as the news of ban on Paytm Payment Bank came, PhonePe, BHIM, Google Pay became famous. This step of Reserve Bank of India has given a big opportunity to other companies.
Which app has benefited how much so far?
According to a media report, after the decision taken by RBI on January 31, Phone Pay was downloaded by 2.79 lakh Android users on February 3. Earlier on January 27, 1.92 lakh people downloaded this app. In this way, an increase of 24 percent was recorded in the users of PhonePe.
BHIM UPI got huge benefits
According to National Payments Corporation of India, BHIM app has also benefited greatly from the Paytm crisis. BHIM UPI had 1.11 lakh downloads on January 27 but on February 3, its downloading numbers increased manifold. Last week, BHIM UPI was downloaded by about 3.97 lakh people, but on the weekend of February 3, its downloading number reached 5.93 lakh. That means, after the decision of RBI, there has been an increase of about 50 percent in the user base of BHIM UPI.
Google Pay speed remained slow
If we talk about Google Pay, the pace of increase in its user base was a little slow compared to PhonePe and BHIM. On January 27, Google Pay was downloaded by 1.04 lakh people. On February 3, this app was downloaded by 1.09 lakh people. That means between January 31 and February 3, there was an increase of about 4 percent of Google Pay users.
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