Paytm brings ATM and Twitter is asking what happened to ‘cashless’ slogan
On 25 April, Paytm founder Vijay Shekhar Sharma retweeted a tweet showing an ATM kiosk of Paytm from which a customer had made a withdrawal.
SNS | New Delhi | April 27, 2018 4:10 pm
(Photo: Twitter/@Jas_Kapany)
Online payment major Paytm has installed the company’s ATMs across major cities of the country as per a phased plan of expanding the reach of the company into the banking sector. In a blog in 2017, Paytm had announced its decision to install 1,00,000 Paytm Ka ATMs across India, of which 3,000 were to be installed in the first phase itself.
On 25 April, Paytm founder Vijay Shekhar Sharma retweeted a tweet showing an ATM kiosk of Paytm from which a customer had made a withdrawal. He also posted a short comment, “Paytm ka ATM” with a star indicating appreciation.
But there was one user who pointed out that Paytm had on 9 November 2016 posted a creative tweet containing an advertisement in which it indirectly hailed the demonetisation decision taken by the central government a day before.
The tweet carried one of the most popular advertisement slogans: ATM nahi, Paytm karo.
Pic 1, Paytm’s tweet from day after demonetisation.
Pic 2, Paytm founder’s tweet yesterday.
I guess now it is not the time to go cashless anymore. pic.twitter.com/ut2MVDoGQi
The tweet which Paytm had posted in November 2016 was still up at the time of writing. Many saw the Paytm advertisement as in support of Prime Minister Narendra Modi’s decision which was meant to turn India into a cashless economy.
So, obviously, some were surprised at the turn to the ATMs that Paytm has taken.
Digital payments and financial services major Paytm on Saturday said it will seek resolution of alleged FEMA contraventions related to two acquired subsidiaries — Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL).
Within a span of hardly eight hours, two separate incidents of cyber fraud and money-loot at two ATM counters of a nationalised bank in Survey Park and Howrah respectively since Friday night once again exposed how safety and security systems at ATM counters are not properly monitored in the state.
The Securities and Exchange Board of India (SEBI) on Thursday passed a settlement order against Paytm Money after the company paid Rs 45.5 lakh to resolve allegations of regulatory violations.