Sikkim News Update

According to a survey, 42% of Kirana Stores switch from Paytm to Other Mobile Payment Apps

<p>According to a poll conducted by Kirana Club on Thursday, 42% of mom-and-pop retailers, also known as Kirana stores, have switched from Paytm to other mobile payment applications as a result of the RBI’s limitations against Paytm Payments Bank last week.</p>
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<p>Nearly 20% of the 5,000 respondents to the poll said they planned to use alternative payment applications. According to the poll, after the RBI decision, 68% of Indian Kirana retailers reported having less faith in Paytm.</p>
<p>Another startling conclusion concerning local shops’ perceptions of Paytm’s trust was also uncovered by the poll. It suggests that after RBI regulations, 68% of Indian kiranas have less faith in Paytm,” the statement reads.</p>
<p>“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,” said Anshul Gupta, founder and CEO of Kirana Club.</p>
<p>Based on the study results, most retailers—50% of those who have either begun using alternative payment applications or intend to use them—selected PhonePe. Thirty percent goes toward Google Pay and ten percent goes into BharatPe.</p>
<p>Paytm Payments Bank Ltd (PPBL), the company that manages all 330 million Paytm wallet accounts, was ordered by the RBI on Wednesday, January 31, to cease taking deposits or top-ups in any client accounts, wallets, FASTags, or other instruments after February 29. Customers may make deposits and withdrawals from their PPBL account and Paytm wallet up to that point.</p>
<p>According to RBI, the move against PPBL came after an external auditor’s compliance validation report and a thorough system audit report. Despite owning a 49% share in PPBL, One97 Communications Ltd (OCL) views the business as an associate rather than a subsidiary.</p>
<p>However, the central bank said that clients may always get their money back in the form of interest, cashback, or refunds. The directive was said to be in response to ongoing serious supervisory concerns and repeated non-compliance.</p>