Yes Bank crisis-hit PhonePe rejects Paytm’s offer, says ‘Form is temporary, class is permanent’

Two of India’s leading digital payment firms Phonepe and Paytm ended up having a Twitter confrontation on Friday (March 6, 2020) after Paytm invited its rival PhonePe to join hand with them and work on common bank platform. The offer was made after Yes Bank which is  PhonePe’s transaction making bank was placed under moratorium by the Reserve Bank of India (RBI).

Taking to Twitter Paytm said, ”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!”

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

However, the Flipkart owned digital payment brand Phonepe didn’t refrain taking a jibe at its competitor even in its difficult situation and rejected the offer saying, Not one to be left behind, PhonePe in its response took a jab at Paytm Payments Bank stating that if its UPI handle was so ‘seamlessly scalable’, they would have incorporated it long back. 

The Tweet read, “Dear PayTm Bank, 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,” PhonePe said, adding, “Form is temporary, class is permanent.”

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

Phonepe temporarily suspended its service after the Yes Bank crisis by writing that ”We are going through an unscheduled maintenance activity. We apologise for any inconvenience this may cause.” However, the service was soon restored and the app is now back into operation. Phonepe gave the information on their Twitter handle and said, ‘We are back’. 

And we’re back! pic.twitter.com/vJW23jLgTn

— PhonePe (@PhonePe_) March 6, 2020

The Twitter confrontation was retweeted several times and people were seen lauding Phonepe for their stand.