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PayTM Inflates Numbers, Alleges Rival Mobikwik

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Mobikwik accuses 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.

Paytm, in its official blog, said it had 177 million wallet users in December 2016 compared to 122 million in January the same year. The Alibaba-backed company claimed it witnessed one billion transactions on its platform in 2016 and had 80 million active users in December, which means at least 80 million transactions through Paytm in the month. However, the total number of mobile wallet transactions in 2016 was less than 950 million, according to the RBI. In December, total mobile wallet transactions through eight players was around 88 million. Read more

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