Paytm Payments Bank is back with an answer for PhonePe – sources government data to say it has the best tech for payments
- When PhonePe’s services went down last Friday,
Paytm Payments Banksent out a tweet to Phonepeoffering it to build its UPI network through the bank.
- PhonePe rejected the offer saying “form is temporary, class is permanent” and chose ICICI Bank instead.
PaytmPayments Bank sent out a release sourcing a government report to say it has the best UPI platform.
As it worked on bringing the platform back up, rival digital payments leader Paytm which also runs a payments bank grabbed the opportunity to shine in the limelight. Paytm Payments Bank sent out a tweet to Phonepe offering it to build its UPI network.
Dear @PhonePe_ , Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale… https://t.co/l6useycIRT— Paytm Payments Bank (@PaytmBank) 1583482845000
However, Phonepe replied, “Inviting you to consider that if your #UPI platform was so 'seamlessly scalable', we'd have called you ourselves.” The startup then went on to rebuild its UPI platform with a new banking partner – ICICI Bank.
@PaytmBank Dear @PaytmBank Inviting you to consider that if your #UPI platform was so 'seamlessly scalable', we'd h… https://t.co/zYVieSD9zD— PhonePe (@PhonePe_) 1583485180000
The tweet from Paytm was discouraged by many users as a petty marketing dig.
But the Vijay Shekhar Sharma-led Paytm is not one to give up. Post Phonepe’s “form is temporary, class is permanent” comment, Paytm Payments Bank sent out a press release sourcing a government report to say it has the best UPI platform.
The bank said that according to the January 2020 scorecard released by the Ministry of Electronics and Information Technology (MeitY), PPBL has the lowest technical decline at 0.02%, while other major banking players have way higher technical decline rates of around 1%.
This wasn’t the first time Paytm knew how to manoeuvre a crisis to its advantage. The first example of it was the full blown front page advertisement in every other newspaper, the morning after demonetization with a tagline – “ATM nahi PayTM karo”.
Phonepe logs ₹4,000 crore transactions a day after it shifts from Yes Bank to ICICI
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