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Google Pay became number 1 fintech app globally in August

Google Pay became the most downloaded fintech app in the world in August. Last month this unified Interface Payment app was downloaded across 10 million times, whereas 7.8 million installations came only from India.

After the success of UPI in India, Google Pay becomes the most popular Payment app in the Country. Three years ago, Google Pay made its entry in India, then has been able to keep up its growth and lead over its competitor including PhonePe and Paytm.

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In May, Google Pay had around 75 million transacting users this year compared to Phonepe, and Paytm recorded 60 million and 30 million users, respectively.

In terms of UPI transactions, these three apps cover around 90% market share. The data released by NPCI, UPI accounts for 1.61 billion transactions of around 2.98 trillion Indian rupees in August.

Following the nationwide lockdown in March, peoples switched from physical currency to digital payment systems and this wide use of digital payments led to the high transaction and spike in UPI apps such as Google Pay.

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