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SBI blocking Paytm sparks row
By: Tupaki Desk | 29 Dec 2016 4:00 PM GMT
After Prime Minister Narendra Modi urged the people of the country to support Digital India campaign, State Bank of India (SBI) has introduced 'Buddy Wallet' asking its users to carry out digital payments using it. The first thing it has done after bringing Buddy Wallet is to disable the option of transferring money from SBI Account to Paytm Wallet.
Even banners have been set up at all the branches highlighting the benefits of using Buddy Wallet. At the same time, Comparisons were drawn with Paytm which is funded by Chinese film Alibaba to lure customers.
This move didn't didn't go down well with the Paytm users. They suggested SBI to upgrade Buddy Wallet and attract customers by offering better service than private players instead of blocking Paytm & launching negative campaign.
SBI being the country's largest banking network should have preferred a healthy competition rather than trying to steal the revenue of start-ups felicitating digital payments using its powers.
Even banners have been set up at all the branches highlighting the benefits of using Buddy Wallet. At the same time, Comparisons were drawn with Paytm which is funded by Chinese film Alibaba to lure customers.
This move didn't didn't go down well with the Paytm users. They suggested SBI to upgrade Buddy Wallet and attract customers by offering better service than private players instead of blocking Paytm & launching negative campaign.
SBI being the country's largest banking network should have preferred a healthy competition rather than trying to steal the revenue of start-ups felicitating digital payments using its powers.
