Key Points
PhonePe cofounder and CEO Sameer Nigam said Monday that the Walmart-owned payments platform expects to gain a proportionate share from any potential decline in beleaguered rival Paytms user base..
Nigams comments come amid intensifying competition among major players in the payments space after theReserve Bank of Indias (RBI) regulatory action against Paytm Payments Bank...
As reported by ET earlier, PhonePe witnessed an increase of at least 15-20% in its user base, attributed to the ongoing regulatory challenges faced by Paytm Payments Bank..
According to the National Payments Corporation of India (NPCI) data, as of December 2023, PhonePe held a 46% share in unified payments interface (UPI) volumes, followed by Google Pay at 36%, and Paytm Payments Bank at 13%.. Discussing the regulatory environment and actions taken by the RBI, Nigam acknowledged the complexity of the industry and highlighted the importance of regulatory decisions...
Last week, the RBI extended the deadline until which users will be able to make deposits or recharge various instruments run by Paytm Payments Bank till March 15 from February 29 earlier..
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