Competition among mobile wallet players, Mobikwik & Paytm has given rise to a cold war, with companies accusing each other of inflating the number and value of transactions.
Co-founder of Mobikwik, Upasana Taku, has alleged that Paytm has been reporting increased numbers. Data released by the RBI pegged the total number of prepaid payment instruments, including mobile wallet transactions in India at around 88 million in December 2016, which is in sharp contrast to the higher numbers claimed by industry leader Paytm, said Taku. “Paytm is definitely ahead of us but I don’t think they have crossed 100 million users,” she said further.
Paytm, in its official blog, said it had 177 million wallet users last year in December 2016 compared to 122 million in January the same year. The Alibaba-backed company, claimed it witnessed one billion transactions on its platform in 2016 and had 80 million active users in December, which means at least 80 million transactions through Paytm in the month.
However, the total number of mobile wallet transactions in 2016 was less than 950 million, according to the RBI. In December, total mobile wallet transactions through eight players were around 88 million.
When asked about the discrepancy between the claimed numbers and the data released by the RBI, one of the Paytm spokesperson refused to comment.
On the other hand, voiced by a section mobile wallet players on the data provided RBI which has suggested a decrease in digital transactions after demonetisation. Numerous industry experts attributed the decline to hesitation of users to spend, as there is a liquidity crunch in the market after November 8.
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Sameeksha Bhardwaj, From ITvoir News Desk