85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
According to a latest survey, the merchants’ trust in Paytm remains to a large extent even after the recent stringent measures imposed by the Reserve Bank of India on Paytm Payments Bank.
The survey, conducted by Gurugram-based Datum Intelligence, encompassing 2,000 merchants across 12 cities, revealed that 59 per cent of respondents continue to use Paytm, with the government’s clampdown not having an immediate impact.
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It indicated that 21 per cent of merchants are awaiting more information, while only 13 per cent are opting to switch to alternative payment applications.
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The survey was carried out from February 7-15, and found that despite the regulatory constraints, 76 per cent of merchants still utilize Paytm for accepting payments, followed by 41 per cent for PhonePe, 33 per cent for Google Pay, and 18 per cent for BharatPe.
The survey further revealed that Paytm remains the preferred application for 58 per cent of the surveyed merchants, followed by 23 per cent for PhonePe, 12 per cent for Google Pay, and 3 per cent for BharatPe.
It said 71 per cent of merchants felt confident to continue using Paytm for payments after being reassured by a Paytm representative. Only 11 per cent expressed reduced confidence, while 14 per cent are still seeking more information.
The survey suggests that overall, the impact on merchant business is limited, and Paytm’s engagement with merchants is aimed at mitigating damage, with many merchants adopting a wait-and-see approach before exploring alternative solutions.
It is worth highlighting that the Reserve Bank of India (RBI) had instructed the Paytm Payments Bank Limited (PPBL) to cease accepting new deposits in its accounts and digital wallets. Later, it extended the deadline for compliance to March 15.
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