Paytm's loss is BharatPe, PhonePe, MobiKwik and other fintechs' gain; 42% Kirana stores switch to alternatives
Paytm exodus: The recent RBI action against Paytm Payments Bank has triggered a seismic shift in the digital payments landscape for Kirana stores. While Paytm once held a dominant position, a new survey reveals a mass exodus to alternative platforms like BharatPe and PhonePe.
Paytm Trust Issues: A ripple of panic spread through India's vibrant Kirana stores after the Reserve Bank of India's decision to stop Paytm Payments Bank's operations after February 29. For many, Paytm's QR code had become synonymous with digital payments, but with its sudden halt looming, Kirana owners faced a crucial decision: adapt or be left behind. Over 42 per cent of Kirana stores have already switched from Paytm to Mobikwik, Bharatpe, Phonepe and GooglePay, with 20 per cent more planning to do so.