Who is benefitting from the Paytm debacle? Apps that are cashing in

Among the businesses profiting from the Paytm turmoil are PhonePe, BHIM, and Google Pay. The Reserve Bank of India’s decision to prohibit Paytm from accepting deposits, FASTag, or credit transactions starting on February 29 has rattled Paytm-affiliated retailers. But at the same time, Paytm’s debacle is helping its competing apps, be it PhonePe, GPay or the BHIM UPI app.

In India, Paytm has dominated digital payments. However, since the crackdown, the value of the company has dropped by $2.3 billion due to a 39% decline in its stock.