Paytm Employees Caught Burning PhonePe QR Codes! Paytm Immediately Suspends These Rogue Employees
PhonePe, the leader in the Unified Payments Interface (UPI), has filed a police complaint against employees of competitor Paytm.
The company has claimed that some officials burned PhonePe’s QR codes.
PhonePe Accuses Paytm Employees Of Burning QR Codes
The incident occurred in Greater Noida, and the company has contacted the Surajpur Lakhnawali police station, according to a PhonePe spokesperson.
A spokesperson of Paytm has stated, “This matter is between Phonepe and its ex-employees. We condemn the act committed by these rogue employees, who have already been suspended from the company pending a detailed investigation.”
A complaint letter has been filed against three employees of Paytm which states that the act was committed in order to harm PhonePe’s reputation and business.
Sameer Nigam, the founder and CEO of PhonePe, tweeted that the matter should be investigated by police and that justice must be served.
He tweeted, “Worth mentioning that this ‘ex’ employee of PhonePe works for PayTM now, and there are 10 other people in the video burning
@PhonePe QR codes in broad daylight. Anyways, let the police investigate the matter and justice prevail…”
UPI Payments On The Rise
QR codes enable merchants, such as shop owners and business owners, to accept UPI payments from customers. PhonePe accounts for 46% of total monthly UPI transactions, followed by Google Pay (38%), and Paytm Payments Bank (13%). Person-to-person (P2P) and person-to-merchant (P2M) transactions are also included in this.
On the merchant side, however, competition has been heating up, with PhonePe, BharatPe, and Paytm vying for a larger share of merchants to use their applications for payment acceptance.
This has also been aided by a significant increase in UPI transactions over the last year as a result of an increase in digital payment acceptance following the pandemic. Monthly transaction values have more than doubled, increasing from Rs 5.47 lakh crore in June 2021 to Rs 10.14 lakh crore in June 2022.
PhonePe’s QR codes are used by 32 million merchant partners across the country. Paytm claims to have 26.7 million merchants as of March 31, 2022.