In the last 12 months, various traditional banks have launched their digital wallets in India. However, if app downloads are an indicator
of usage, then banks wallets have lagged wallets from technology companies. Possibly, first-mover advantage, advertisements / awareness, merchant tie-ups and offers/deals could explain some of this. Nonetheless, the space is still evolving, and with the introduction of UPI (Unified Payment Interface), we believe it is too early to conclude if India will mirror trends of US/China or chart a path of its own.
App downloads in the last 12 months
1. Paytm - 16.3 Mn
2. Freecharge - 7.6 Mn
3. ICICI Bank - 3.0Mn
4. HDFC Bank - 2.7 Mn
5. SBI Buddy - 2.4 Mn
