Info-tech

Paytm PhonePe take each other’s case on Twitter after Yes Bank fiasco

Prashasti Awasthi Mumbai | Updated on March 07, 2020 Published on March 07, 2020

E-commerce payment platforms Paytm and PhonePe trolled each other on the microblogging site Twitter.

The payment platforms took to Twitter hours after the Reserve Bank of India (RBI) put Yes Bank private limited under a moratorium, the bank which PhonePe uses to conduct its transactions.

The RBI placed a withdrawal limit of Rs 50,000 per Yes Bank account for the next 30 days.

Due to RBI’s move, Yes Bank services including internet banking and ATM servers were down on Friday. It also hit PhonePe, which relies on Yes Bank for transactions.

As of Friday evening, PhonePe's UPI services were still down while debit and credit card payments were back online.

Hence, Paytm offered to help PhonePe rather cheekily. Paytm tweeted: "Dear PhonePe, Inviting you to PayTm Bank's UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business. Let's get you back up, fast!"

PhonePe couldn’t stomach the jibe , and replied to Paytm that it is not going to desert its “long term partner (Yes Bank).”

PhonePe replied: "Dear PayTm Bank, 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," PhonePe said, adding, "Form is temporary, class is permanent."

Published on March 07, 2020

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