Paytm PB aftershocks: Fintechs step up customer outreach with target ads
While Paytm remains the leading player in the PoS segment, competition is heating up
The efforts to incentivise merchant or user sign-ups by major fintech companies come in the wake of the RBI instructing Paytm Payments Bank to restrict most of its businesses, including deposits, by February 29
3 min read Last Updated : Feb 12 2024 | 10:53 PM IST
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Amid regulatory scrutiny and growing uncertainty surrounding Paytm’s business, competitors are seizing the opportunity to attract more customers. Financial technology (fintech) players have intensified their market outreach efforts.
Consider Razorpay, which is currently offering point-of-sale (PoS) devices and soundboxes with no upfront costs or rental fees for three months, valid until March 31 this year. The company said that rentals for its PoS machines start at Rs 299.
While Paytm remains the leading player in the PoS segment, competition is heating up.
As of December 2023, Paytm had approximately 10.6 million merchant subscriptions, increasing by 490,000 on a year-on-year basis.