“Facebook is explicitly customizing UPI and colonizing our payments system for its advantage. UPI was created as an IndiaStack; now some US monopoly customizes UPI for user execution,” claimed Vijay Shekhar Sharma, CEO of Paytm, to the media in an interview.
His salvo was in opposition to tech major Facebook, whose wing WhatsApp made an entry in the digital truncations just days back, making it difficult and jeopardizing the dominance of multibillion dollar Paytm of Sharma. And just in the same manner, the hunter appears to be getting hunted. “We are not in opposition to foreign companies as they assist branch out the bionetwork. We are not in China. But there is no field. Rules have been adjusted for them.”
To be particular, Sharma pointing to adjustment of 2-factor authentication for WhatsApp and the fact that Paytm was made to hang around till competitors rolled out UPI services. Paytm lost out on the head start benefit that its 200 Million plus wallet consumers might have offered it. Ironically, say competitors, Sharma’s associate Alibaba itself blossomed below protectionist rules in China.
A source with well knowledge of the developments at WhatsApp verifies that only a beta was rolled out early this month. The UPI-supported platform for payments was designed by a California-located team and supervised straightly by CEO Jan Koum. “A UPI PIN is an obligatory to carry out transactions. WhatsApp is fixing the errors prior to a full scale launch,” the source claimed. Even the NPCI (National Payments Corporation of India), which manages payments, explains that WhatsApp will follow all rules when it truly rolls. The beta is restricted to 1 Million of its 250 Million users in India.
NPCI might have relieved Paytm and the domestic community for fintech startup, but in the high stakes business of payments, the battle lines have clearly been drawn between private and venture equity supported global internet giants and local startups.
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