Competitors go all out for Paytmuser base

Over a fortnight since the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank (Paytm PB), the veil of confusion regarding what will work and what won't with the digital payments platform has lifted, with the regulator releasing a list of frequently asked questions (FAQs) last week.

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However, competition to woo merchants is heating up. Players such as Google Pay, PhonePe, and even banks like HDFC and State Bank of India (SBI) are said to be deploying several thousand 'feet on the street' or salesforce to attract merchants, including kirana stores and retailers, to adopt their technology, products, and services.

According to industry sources, 5-7 million, or 25 per cent, of the merchant base at Paytm is in the process of migrating to platforms such as Google Pay, PhonePe, and the BHIM application (app), due to the crisis at the Noida-based financial technology giant.

In Kolkata's most popular market, New Market, formerly known as Sir Stuart Hogg Market, a prominent retailer said that SBI had been "aggressively" pushing its point-ofThis is expected to increase sale (POS) machines since the Paytm further crisis occurred.

New Market houses retail outlets selling everything from party props to garments, cosmetics, and savouries, making it a magnet for banks and digital payment providers.

It's not Kolkata, though just Paytm competitors are trying to win over merchants in other parts of the country as well.