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Wednesday, June 03, 2020

PhonePe and Paytm end up in Twitter feud during Yes Bank crisis

Many who came across the Twitter feud criticised Paytm for their tweet and lauded PhonePe for its response. Some also called Google Pay to join the conversation.

By: Trends Desk | New Delhi | Updated: March 7, 2020 6:23:43 pm
Paytm, PhonePe, Yes Bank, Paytm and PhonePe, Paytm and PhonePe twitter fight, Paytm and PhonePe on Twitter, Paytm and PhonePe twitter war, Yes Bank crisis, Yes Bank  moratorium notice, Reserve bank of India, RBI restriction on Yes Bank, Trending, Indian Express news Flipkart’s mobile payments arm PhonePe experienced outages to several of its services after RBI issued moratorium notice to its largest banking partner Yes Bank.

Digital payment firm PhonePe was down for hours Friday because of a link to Yes Bank, but when competitor Paytm took a swipe at them on Twitter, they fired back.

Flipkart’s mobile payments arm PhonePe experienced outages to several of its services after the Reserve Bank of India superseded the board of directors of its banking partner Yes Bank for a period of 30 days “owing to serious deterioration in the financial position” of the bank and capped deposit withdrawals at Rs 50,000 per depositor. PhonePe, one of the country’s largest digital payment platforms, was dependent on Yes Bank to process its transactions.

The official handle of Paytm took a swipe at PhonePe saying: “Dear @PhonePe_Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business. Let’s get you back up, fast!”

The tweet came after many PhonePe users took to Twitter to complain about unsuccessful payments.

However, PhonePe was quick to reply saying: “Dear @PaytmBank Inviting you to consider that if your #UPI platform was so ‘seamlessly scalable’, we’d have called you ourselves. No point getting back up faster, if we have to desert our long term partners when they’re down. Form is temporary, class is permanent,”

Sameer Nigam, PhonePe’s co-founder and CEO, had earlier confirmed the outage through a tweet. The firm had initially claimed it was facing technical difficulties.

Nigam tweeted, “Dear @PhonePe_customers. We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team’s been working all night to get services back up asap. We hope to be live in a few hours. Thanks for your patience. Stay tuned for updates!”

Many who came across the Twitter feud criticised Paytm for their tweet and lauded PhonePe for its response. Some also called Google Pay to join the conversation. Here are some of the reactions:

Finance Minister Nirmala Sitharaman on Friday said the Reserve Bank of India had been monitoring the beleaguered bank since 2017 and noticed governance issues and weak compliance besides wrong asset classification.

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