PayTM has made an amazing market since its inception in 2010.
Paytm was founded and incubated by One97 Communications in 2010 as a prepaid mobile recharge website. Paytm is an acronym for “Pay Through Mobile”. Apart from being accessed from the browser, its app is available on the Android, Windows and iOS operating systems.
In 2014, the company launched Paytm Wallet, which became India’s largest mobile payment service platform with over 150 million wallets & 75 million android based app downloads as of November 2016. The surge in usage of the service was largely due to the demonetization of the 500 and 1000 rupee currency notes.
But SBI with the help of Government of India has come-up with a different application which works as good as PayTM or may be better. The name of the plan/app is Buddy.
SBI is the most famous and oldest Bank operating in India with over 14,000 branches pan India. The mobile wallet system that it has come up with will beat PayTM in every aspect.
SBI is playing an aspect of nationalism over PayTM by saying PayTM is party owned by chinese giant Alibaba. Alibaba holds 25% stocks in PayTM. While the rates per transaction are way too low in case of Buddy. It would just take INR 2 to transfer INR 10,000 through Buddy while in case of PayTM it would take INR 400 to transfer the same amount.
The opposition which was blaming Modi for increasing the revenue of PayTM and Modeling for the company are not saying anything on this move by GOI.
Modi knows how to shut the morons up.