SBI disables money transfer from Paytm over economic politics
NewDelhi,Dec26:Paytm’s rise in the payments space this year has been meteoric, but there are now that signs that incumbents might be getting a little uncomfortable.
SBI’s official Twitter account has said that its internet banking users can no longer transfer money to their Paytm wallets. And in candour that’s unusual in the corporate world, it says it “recommend(s) using State Bank Buddy mobile”, their own wallet.
The comment was made when a Twitter user complained to SBI’s official account about being unable to add money to their Paytm wallet. There was some outrage at the move, with some users claiming that the move was anti competitive, and to the obvious detriment of Paytm. And when another user replied saying SBI Buddy’s interface was poor, and saying that they should improve it first before banning Paytm, Paytm didn’t miss the chance to gloat, and replied on the thread saying that “Happiness was guaranteed at Paytm.
@theavinashrao “Add money” to PayTM using SBI Internet banking has been disabled by bank. We recommend using State Bank Buddy mobile(1/2)
— State Bank of India (@TheOfficialSBI) December 24, 2016
— Paytm Care (@Paytmcare) December 25, 2016
This isn’t the first time that SBI has trained its guns on the new upstart in the payments space – Paytm founder Vijay Shekhar Sharma had earlier shared a picture supposedly outside an SBI branch, where a banner had compared SBI Buddy’s feature to Paytm. The banner, which read more like a Whatsapp forward and less like the marketing collateral of a national bank, highlighted Paytm’s Chinese ownership, and raised questions about its security.