PhonePe is facing difficulties after the Reserve Bank of India (RBI) imposed a ban on services of the private sector Yes Bank. Yes Bank is the partner of PhonePe for UPI transaction and other services. Because of this, PhonePe services stopped working, and its users were affected severely.
Paytm took an opportunity to mock its rival PhonePe at this situation by taking matters into twitter. Paytm tweeted –
Dear @PhonePe_ ,
Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business.
Let’s get you back up, fast!
— Paytm Payments Bank (@PaytmBank) March 6, 2020
From the tweet, it was intentional that Paytm wanted to help Phonepe get its services to work back. However, the real intention was to mock Phonepe tossing and promoting its own UPI platform.
However, PhonePe was smart enough and gave an epic reply to Paytm –
Dear @PaytmBank
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.
— PhonePe (@PhonePe_) March 6, 2020
This reply from PhonePe destroyed Paytm in seconds! They not only mocked their platform but also mentioned it wasn’t seamlessly scalable (reliable enough). This reply also meant that they would not forsake their partner(yes Bank) at tough times. The ending line “Form is temporary, class is permanent” was another mocking yet epic statement meaning they won’t consider Paytm’s help.
After some time, Paytm came with a reply that they just wanted to help and wished Phonepe Goodluck –
Just helping @PhonePe_, we care for all digital payments users.
Isn’t that the classy thing to do? Goodluck! 😎👍🏻
— Paytm Payments Bank (@PaytmBank) March 6, 2020
Companies like Flipkart, Swiggy and Make My Trip have now removed phone-pay from their interface. The UPI option has also got removed from Flipkart and Swiggy. Those whose money was in the wallet for payment will get stuck for the time being.
Yes Bank Under Crisis
The central bank has set a withdrawal limit of Rs 50,000 for Yes Bank depositors. While imposing a 30-day temporary ban on Yes Bank, the withdrawal limit for account holders has been fixed at Rs 50,000. During this entire period, the account holders will not be able to withdraw more than Rs 50,000. If an account holder has more than one account in this bank, even then he can withdraw only 50 thousand rupees in total. According to the RBI notification, it will continue from 6 pm to 03 April evening of 5 March.
