Pine Labs, a prominent player in India’s financial and retail transaction technology sector, has taken a cheeky swipe at Paytm, owned by One97 Communications, through a cleverly crafted ad.
What Happened? This response comes after Paytm’s recent front-page advertisement in the Times of India. Paytm’s ad assured users that its QR codes and Soundbox devices would continue to function “Today, Tomorrow, Always”, amidst growing regulatory concerns.
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The Reserve Bank of India (RBI) recently issued directives restricting Paytm Payments Bank Account/Wallet from accepting new deposits or facilitating credit transactions after February 29, 2024. However, this deadline has now been extended to March 15, 2024.
Pine Labs’ counter-ad on X (formerly known as Twitter) takes a jab at the fellow payment giant, with a tagline that reads, ‘The front page can be bought. Trust cannot.' Pine Labs further asserts its credibility, claiming the trust of over 1 million businesses and emphasizing its commitment to compliance.
It’s important to note that according to RBI’s notice, there are no restrictions on withdrawing money from existing balances in Paytm accounts or wallets, even after March 15, 2024. The directive primarily affects new deposits and credit transactions, leaving existing balances unaffected.
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