After the RBI’s restrictions against Paytm Payments Bank last week, 42 % of kirana stores have shifted from Paytm and started using other mobile payment apps, according to a survey by Kirana Club on Thursday.
As per the survey, which covers 5,000 respondents, nearly 20 per cent said they intend to use other payment apps. The survey said the trust in Paytm has been lost among 68 % of Indian Kirana stores after the RBI statement.
“The survey revealed another stark finding about the trust among local retailers regarding Paytm. It indicates that trust in Paytm has decreased among 68 per cent of Indian kiranas after RBI restrictions,” it said.
Kirana Club founder and CEO Anshul Gupta said, “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.”
The RBI on Wednesday, January 31, directed Paytm Payments Bank Ltd (PPBL), which has 330 million registered Paytm’s wallet accounts, to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. Till then, customers can add as well as withdraw money from the Paytm wallet and PPBL account.
