one97 communications / payments bank / paytm / alibaba

Though PM Narendra Modi’s landmark move of demonetising 500 and 1000 rupee notes has been aimed at cracking down on corruption and terrorism but Delhi CM Arvind Kejriwal seems to think otherwise. He is of the opinion that this scheme is one large game plan of the Modi government to empower himself and trouble the middle/lower class population in the process.

But, that’s not one of his allegations towards the ascension of this unexpected scheme in the country. CM Kejriwal has taken to Twitter to rebuke India’s largest digital wallet service provider Paytm of being the biggest beneficiary of this decision.

He sends out these remarks with regard to Paytm’s full-page newspaper advert congratulating PM Modi on his bold move towards strengthening the economy of India. But, Kejriwal’s biggest concern with the same is that it features Modi’s bust and thus, in true Kejriwal fashion, he believes Modi is helping uplift the status of cashless transactions, especially for Paytm.

He further continues to describe the move by Paytm as ‘utterly shameful’ in another tweet he shared on his personal Twitter. Kejriwal, in this tweet, questions the masses over government’s decision of supporting a private firm who is only trying to aid the populous in time of need(isn’t that what tech and innovation for!?) He then says that the govt will turn a blind eye to the wrongdoings of these private companies and there will be no one to act against them.

To this, Paytm CEO Vijay Shekhar Sharma also took to Twitter and sent out a subtle response to Delhi’s honorable chief minister – who like always seems to be against any govt. decision. Sharma, in his tweet, mentioned that it was the nation that’ll benefit from the surprising steps taken by the Modi government. He humbly refers to Paytm as ”just a tech startup” which is helping solve the problem that plagues our country i.e financial inclusion. His believes his ultimate goal is making India proud by enabling the masses to turn to something reliable in time of need.

Well, I second the fact that the government’s decision of completely scrapping two denominations has surely had a positive influence on the business of online wallet services. But in a bid to close the gap on financial inclusion and betterment of the nation, I’d accept the growth of such robust services any day. And why not, it’s high time for a technological shift from traditional methods of banking to an end-to-end solution – which Paytm, Freecharge, and Mobikwik are trying to provide to the nation.

Also, for those who’re interested in numbers, Paytm revealed the growth figure on the day following PM Modi’s official announcement. It witnessed a ridiculous, 435% increase in the overall traffic to its platform coupled with a 200% hike in app downloads, 1000% growth in money added to the wallet and a 400% growth in the transaction value of offline payments.

Here’s a surprise addition for those interested in understanding the ideology of Delhi CM Kejriwal with respect to govt’s new scheme:

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