Paytm highlights its indispensable role in India's digital transformation and underscores the necessity of an enabling regulatory environment
Paytm, a pioneer in QR and mobile payments, has garnered substantial support from founders, CEOs, and notable personalities across various sectors. This remarkable show of solidarity highlights the fintech community's unity and the pivotal role Paytm plays in advancing India's digital economy.
The backing from such a broad spectrum of industry leaders not only reflects the trust and reliance placed in Paytm's services but also emphasizes the company's significant contributions to the technological and financial landscape of the country.
Pankaj Vermani, CEO of Clovia, took to X (formerly Twitter) to affirm his company's long-standing partnership with Paytm, emphasizing the continued trust and reliance on the company's services.
Pankaj Vermani, CEO of Clovia, voiced his company's enduring partnership with Paytm on X (formerly Twitter), highlighting their reliance on Paytm's services. "We have been long-term partners with Paytm using multiple services from wallet payments on our platform to Paytm ads for tactical campaigns. They continue to be our partners of choice, now and in times to come!" he tweeted.
Deepak Shenoy, Founder and CEO of Capitalmind, criticized the severity of the regulatory actions against Paytm Payments Bank. He contrasted this with the handling of past banking crises, where regulatory bodies facilitated smoother transitions.
"Can't believe RBI would just go destroy a bank like this. When Yes Bank had much bigger issues they took over and got other banks to take over. To protect the system they ensured a smooth transition in 15 days," Shenoy said in his tweet. "But now they prefer to let all the bank’s customers, vendors and partners suffer and create a confidence issue unnecessarily, and force the business down…" he continued.
Abhishek Asthana, Co-founder of Hood and Founder of Ginger Monkey, supported Paytm by urging a more balanced approach to regulatory oversight, emphasizing the consequences of such decisions on investor sentiment and the continuity of fintech businesses.
Meanwhile, Ashneer Grover, Founder of BharatPe, highlighted the regulatory environment's effect on the fintech sector's growth and called for governmental intervention to foster a regulatory landscape that encourages innovation while protecting consumers.
The collective support from industry leaders for Paytm highlights its indispensable role in India's digital transformation and underscores the necessity of an enabling regulatory environment that promotes innovation, growth, and financial inclusion. As Paytm continues to advance, bolstered by steadfast support, it reaffirms its status as a pioneering force in India's fintech scene, ready to navigate challenges and emerge stronger.