Mobikwik has accused Paytm of inflating volumes and number of transactions. Upasana Taku, co-founder of Mobikwik, has alleged that Paytm has been reporting high numbers.
Data released by the RBI pegged the total number of prepaid payment instruments, including mobile wallet transactions in India at around 88 million in December 2016, which is in sharp contrast to the higher numbers claimed by industry leader Paytm, said Taku. “Paytm is definitely ahead of us but I don’t think they have crossed 100 million users,” she said.
“Before demonetisation, Paytm had started their sticker strategy,” she said. “All stores may not accept it but they have the sticker. In visibility Paytm has done a lot of work. RBI should start publishing real numbers, then people won’t question me that your competitor is four times bigger than you.”
Paytm, on its official blog, said it had 177 million wallet users in December 2016 compared to 122 million in January the same year. Mobikwik claims it has around 45 million users.