India’s finance apps boom: Payments, investing, crypto app downloads soar

Finance apps continued their surge as consumers globally warmed up more and more to online payments, e-wallets, digital loans, and a host of other banking and financial services. 

In 2024, India emerged as the world’s leading market for finance apps, garnering downloads of 1.7 billion, out of a global tally of 7.7 billion, according to findings from market intelligence firm Sensor Tower. India’s time spent on these apps reached a staggering 6.77 billion hours, indicating a more curious and maturing user base that is increasingly comfortable with online money transactions. 

“This upward trend reflects a global shift towards mobile financial solutions, fuelled by the convenience of accessible and always-on technology,” Sensor Tower noted in its State of Mobile 2025 report.

Unsurprisingly, digital wallets and P2P payments led the pack of finance apps in India, with the sub-category growing by 7.5% from 359.7 million to 386.8 million downloads in 2024. PhonePe, Google Pay, Paytm, and BHIM UPI were the leaders in the segment. 

Even Sachin Bansal’s Navi was one of the top gainers, ending the year as the country’s seventh-most downloaded finance app. Navi also made swift strides on the UPI front, accounting for 1.21% of transaction volumes in the month of December. It is now the fourth largest UPI player, trailing the leading troika of PhonePe, GPay and Paytm, according to NPCI.

Lending apps, meanwhile, were the second biggest sub-category in finance apps despite witnessing a decline of 13.4% to reach 274.4 million downloads. Bajaj Finserv was the most-downloaded app in this segment, signalling India’s growing appetite for app-based borrowing and formal credit.