Recently, RBI placed Yes Bank under moratorium and limited withdrawals to ₹50,000 per month. Consequently, Yes Bank shares plummeted in value, people rushed to transfer their funds to alternate banks, and #NoBank trended on Twitter.
Among the merchants affected by the Yes Bank crisis was the e-commerce payment system and digital wallet company PhonePe.
In just six years since its launch, PhonePe has emerged as a strong competitor for other digital wallet companies. And as the company went through a long outage, Paytm--which is currently one of the most well-known digital wallet companies in India--took to Twitter to offer 'support' to PhonePe.
PhonePe responded to Paytm's offer of support with a tweet about how they valued loyalty over speed.
Dear @PaytmBank— PhonePe (@PhonePe_) March 6, 2020
Inviting you to consider that if your #UPI platform was so 'seamlessly scalable', we'd have called you ourselves.
No point getting back up faster, if we have to desert our long term partners when they're down. Form is temporary, class is permanent.
There was little that Paytm said in response.
Just helping @PhonePe_, we care for all digital payments users.— Paytm Payments Bank (@PaytmBank) March 6, 2020
Isn't that the classy thing to do? Goodluck! 😎👍🏻
But Twitterati sure jumped in on the banter:
Just uninstalled PayTM after reading this classless tweet.— Kamya Chandra (@kamyachandra) March 6, 2020
First stop charging on adding money in wallet using credit card. Then teach PhonePe.— Parikshit Shah 🇮🇳 (@imparixit) March 6, 2020
And retrieving forgotten password is beyond Mission impossible...😵— karthik kamath 🇮🇳 (@karthikamath) March 6, 2020
Paytm employees uses @PhonePe_ to transact because they also think that Paytm is so confusing.😂😂😂😂— Shubham Pandey ❁ (@shubhamp98) March 6, 2020
This is in bad taste, don't make fun of people who are down and injured. They might bounce back stronger than you think. Your successes is getting on to your head. Avoid that...— Randhir Singh (@randhirs) March 6, 2020
Phonepe is the boss, Paytm is a mess.— Naresh (@nknowsn) March 6, 2020
Yaar sharaab pee ke ladai nai kerna chahiye @Paytm galat baat yaar— Abhishek (@Abhishe25348803) March 6, 2020
Disgraceful attempt, I'm a heavy @PhonePe_ user and don't mind them taking time to set things up. PhonePe you got this!— t (@DontTweetNo) March 6, 2020
@PhonePe_ if you cherish to be associated with bunch of scamsters at Yes Bank and you are proud of that then I hope whosoever is posting these messages on phonepe's behalf will soon loss his job.— saikat ghosh (@saikatghosh90) March 6, 2020
Wonder where Google Pay was in all of this?