Paytm has got customers by way of cashbacks, not by rendering services: Aditya Puri

  • Veteran banker Aditya Puri raised questions about Paytm’s business model, saying the recently listed financial services company has earned customers not by rendering services but by way of cashbacks.
  • Puri said unlike a bank, which books revenues for offering its services and reports profit, Paytm has garnered its millions of customers by offering cashbacks.

[Via]