Google Pay followed by PhonePe were the most downloaded fintech app worldwide for February 2020, with 15.6 million and 6 million installs respectively.
For Google Pay, this was a 2X growth in downloads compared to February last year and it got 83.6% of the total downloads from India while 5.7% came from Russia. PhonePe’s download numbers saw a 39.5% growth as compared to February last year and 99.3% of its installs came from India. The report includes downloads for App Store and Google Play worldwide between February 1, 2019, and February 29, 2020.
In India, the significant growths for both apps have also impacted their digital payments product which is based on the Unified Payments Interface or UPI. If we go by numbers, UPI processed 1.32 billion transactions in February and marked the highest growth ever in a month since its inception.
Google Pay and PhonePe lead the UPI pack followed by Paytm and other distant competitors.
Apart from Google Pay and PhonePe, PayPal, Cash App, and Alipay were the other three players which made the top five list of most downloaded fintech apps worldwide for the month.
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