Pine Labs jabs at Paytm again, this time over front page ad

Pine Labs and Paytm lock horns again, this time over a front page ad by the latter. One97 Communications owned Paytm posted a print ad on Times Of India’s front page to reassure its users. The ad mentioned, ‘India’s every Paytm QR and Soundbox will keep working Today, Tomorrow, Always’.

The ad comes on the heels of the RBI’s directive imposing restrictions on Paytm Payments Bank Account/Wallet, preventing it from accepting new deposits or facilitating credit transactions, after March 15, 2024.

As per RBI's notice, there is no restriction on withdrawal of money from existing balance even after March 15, 2024. The directive does not impact existing balances in account or wallet.

Pine Labs took to X (formerly Twitter) to take a jab at its competitor with a picture stating:

‘The front page can be bought. Trust cannot.’

1 Million businesses across India count on Pine Labs to power their business in-store, one transaction at a time.

Explore the range of our in-store solutions: https://t.co/VBBY9kIZVs
.
.#IndiaTrustsPineLabs #Payments #Fintech pic.twitter.com/Vceqi2k9X5

— Pine Labs (@PineLabs) February 20, 2024

This is not the first time both these companies have battled it out. Flashback to September of 2023, when both of them launched new financial terminals on the same day.

Paytm launched its ‘Card Soundbox’ device, with ‘tap and pay’ feature, allowing merchants to accept both mobile and card payments across the Visa, Mastercard, American Express and RuPay networks.

Pine Lab launched Mini, which allowed merchants to accept both quick response (QR)-based and card-based payments.

The competition in the merchant payment space is heating up with both these platforms seeking to take a bigger share of the payments market pie.

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