Confusion&concern: Traders across cities brace for Paytm impact

Some shiftto alternatives and shun the platform, others still swear by it

It's mid-morning and the two-kilometer stretch from Rashbehari Avenue to Gariahat Market is bustling with activity. Dotted with saree shops and hawker stalls that sell everything, from hairpins, hangers and towels to hosiery, mobile phone covers and kurtas, this is one of South Kolkata's busiest shopping areas. And it is beginning to wake up to the Paytm crisis.

A major diagnostic centre along this stretch is preparing to shift away from the Paytm payment platform. "We have already made arrangements with a bank; we will use the QR code," the manager says.

"The changeover will be effective before February 29." February 29 onwards, users will not be able to add funds to their Paytm Payments Bank Wallet, though they will still be able to use the services and the existing balance in the wallets.

Larger retail outlets in the area seem to prefer QR codes from banks.

The proprietor of a store that sells mattresses says, "I have QR code from two banks. It's the safest thing to do." Some hawkers have stopped dealing with Paytm altogether.

Rajat Das, a clothes stall worker, says, "Our owner has instructed us to stop Paytm transactions. Paytm is having problems with the Reserve Bank of India (RBI)." Not everybody knows the details of the crisis, but many have stopped using it simply because others in the market have done so.