PhonePe has reportedly attended Surajpur Lakhnawali police station in Uttar Pradesh’s Greater Noida to file a report regarding the event.
It should be emphasised that the two concerned employees were employed by PhonePe at the time of the occurrence.
According to a statement from Paytm, the dispute was ‘between PhonePe and its ex-employees.
“PhonePe and its former workers are involved in this dispute. We strongly condemn the behaviour of these rogue employees, who have already been placed on administrative leave while a thorough investigation is conducted, according to Paytm.
PhonePe CEO Sameer Nigam responded to Paytm’s accusations on Twitter in order to express his rage.
It’s important to note that 10 more people can be seen burning @PhonePe QR codes in the video, in addition to the “former” employee of PhonePe who is now working for Paytm. Anyway, let the police look into the situation, and justice will win out, Nigam said.
Additionally, a PhonePe representative told Inc42, “We have full faith in the police and they are currently taking the required actions.”
According to a video showing a stack of PhonePe’s QR codes being lit on fire, the company has contacted the authorities. One of the individuals in the video that we were able to identify was a Paytm area sales manager, according to a statement from PhonePe that was supplied to Inc42.
Sources say that PhonePe is not likely to report the incident to the police.
The mess arises as competition between the two sides for a larger share of the digital payments sector continues. In June of this year, PhonePe led the Unified Payments Interface (UPI) market, accounting for 45.84 percent of all transactions and nearly 50 percent of all UPI value.
Paytm, on the other hand, accounted for 10% of the total value and 14.72% of the total number of transactions handled in June 2022.
In order to expedite the receipt of payments, shops and other merchant institutions display QR codes, which are digital payment acceptance channels. These paper-based QR tags are typically attached to walls to make it simple for business owners to collect UPI payments.
Other significant fintech businesses, like Google Pay, BharatPe, and others, are present in the digital payments market, where there has been fierce competition over the past few years.
The Walmart-backed PhonePe has signed up 32 million merchants with its QR codes, whereas Paytm claimed to have 26.7 million merchants as of the end of March this year.
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