PhonePe's CEO, Sameer Nigam, spoke at Mumbai Tech Week 2024 about the company's stance amidst regulatory actions and competitors' challenges, notably alluding to Paytm's recent setbacks without explicitly naming them. When questioned about attracting customers from rivals like Paytm, Nigam emphasized the potential for gaining a proportionate share of customers during periods of competitor turmoil.
He acknowledged the delicate balance between seizing opportunities and avoiding opportunistic labeling, stating, "One will call me a hypocrite if I say we won’t get any of them (Paytm Payments Bank customers). If I said, I’ll try to get them all, you will call me an opportunist. I’ll just say, some of them will come."
Referring to the Reserve Bank of India's (RBI) recent restrictions on Paytm Payments Bank, Nigam hinted at potential non-compliance issues leading to regulatory action. While refraining from commenting on insider information, he suggested that the regulator's measures appeared proportional to the observed lack of compliance.
Nigam's remarks come amid PhonePe's significant milestone last November, surpassing 500 million lifetime registered users on its platform. This milestone underscores PhonePe's growing presence in the digital payment landscape, with one in three Indians now using the platform.
The CEO's comments reflect PhonePe's strategic positioning to capitalize on competitors' challenges while navigating regulatory complexities. As the digital payment sector evolves and regulatory scrutiny intensifies, PhonePe aims to maintain its momentum and expand its user base while adhering to regulatory guidelines. Nigam's remarks underscore the company's commitment to responsible growth and strategic adaptation in a dynamic market environment.
