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Flipkart’s mobile payments arm PhonePe experienced outages to several of its services after the Reserve Bank of India superseded the board of directors of its banking partner Yes Bank for a period of 30 days “owing to serious deterioration in the financial position” of the bank and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.
— Paytm Payments Bank (@PaytmBank) March 6, 2020
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,”
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.
— PhonePe (@PhonePe_) March 6, 2020
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!”
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!
— Sameer.Nigam (@_sameernigam) March 6, 2020
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:
Well done @PhonePe_. Epic reply to people who forget their class and standard.
— Varun Arora (@varunn20210) March 6, 2020
Form is temporary, Class is permanent 💯💯💯
— Shubham Pandey ❁ (@shubhamp98) March 6, 2020
PhonePe is the best.
— राघवendra (@RealRaghv) March 6, 2020
Paytm ki kudh toh chlti nhi app dusro ko kha bol rhe wo. Kal 103 ki transaction nhi hui unse.
— Bhupinder Thakur (@bhupind16772596) March 6, 2020
— Bhuvi Gupta (@bhuvigii) March 6, 2020
— manukumar | ಮನು (@ManukumarAc) March 6, 2020
— Ankush Chopra (@Ankschopra86) March 6, 2020
— anand (@BeardBiceps) March 6, 2020
@PhonePe_ by tweeting this you showed us that who is real classless.
— Yet Another Arnab (@YetAnotherArnab) March 6, 2020
Befitting reply. You are class apart from them.
— YemZii (@yemziirap) March 6, 2020
Bheem app be like pic.twitter.com/UarvjoQoDv
— अंधेरा (@Vicky15721884) March 6, 2020
@GooglePay are you sure you don’t wanna join this?
— Middle Class Indian (@Avyagrah) March 6, 2020
Tera khoon kab kholega re @GooglePayIndia
— DUKKI (@dukki25) March 6, 2020
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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