According to a survey released by Kirana Club, based on 5,000 respondents, the trust in Paytm has decreased among 68 per cent of Indian Kirana stores after the RBI announcement.
Anshul Gupta, founder and chief executive officer (CEO) at Kirana Club said, “While the ban imposed by the regulatory authority might lead to disruption at Kirana stores, they are not much worried because there are alternate payment options available.”
The survey highlighted that of the retailers who have started to use or are planning to use other payment apps, a majority of 50 per cent of retailers chose PhonePe. It is followed by 30 per cent towards Google Pay and 10 per cent towards BharatPe.
On January 31, the RBI imposed restrictions on Paytm Payments Bank and said it will not be able to accept more deposits from February 29.
On Thursday, at the post-monetary policy committee meeting press conference, RBI Governor Shaktikanta Das said that the step taken against Paytm Payments Bank was not due to regulatory issues but owing to compliance issues.
Swaminathan J, deputy governor of RBI, said that several bilateral meetings had taken place between Paytm and RBI, and the decision has been taken only after that. He added that it does not impact the Paytm app.
First Published: Feb 08 2024 | 1:26 PM IST
