BackBack Paytm's loss is BharatPe, PhonePe, MobiKwik and other fintechs' gain; 42% Kirana stores switch to alternatives

A ripple of panic spread through India's vibrant Kirana stores after the Reserve Bank of India's decision to stop Paytm Payments Bank's operations after February 29. For many, Paytm's QR code had become synonymous with digital payments, but with its sudden halt looming, Kirana owners faced a crucial decision: adapt or be left behind. Over 42 per cent of Kirana stores have already switched from Paytm to Mobikwik, Bharatpe, Phonepe and GooglePay, with 20 per cent more planning to do so.

BharatPe has witnessed a 100.0% increase in merchant sign-ups across tier-1, tier-2, and tier-3 towns and cities across the country, underscoring its robust expansion and profound impact on the market. The company's merchant sign-ups across metros experienced a month-on-month growth rate of over 104%. Additionally, there was a huge spike in merchant onboarding at tier 2 and tier 3 cities, clocking at close to 95% growth month-on-month, people aware of the matter told Livemint. Meanwhile, a survey conducted by Kirana Club indicated that 42.0% of Indian Kirana stores have already started using other payment apps. Earlier, Paytm enjoyed around 69 per cent of the market share in the Kirana stores, the report added.