These three companies earned crores after Paytm crisis, know who benefited the most

A wave of uncertainty sweeps through India's grocery and other goods stores as Paytm Payments Bank faces closure by February 29, following the Reserve Bank of India's decision. Paytm's QR code, once a go-to-thing for digital payments, now leaves shopkeepers and other goods sellers at a crossroads, which is to adapt to whatever is available or fall behind.

With over 42 per cent of these stores already transitioning to alternatives like Mobikwik, Bharatpe, Phonepe, and GooglePay, the shift is evident. According to a report by Livemint,  BharatPe, in particular, has seen a remarkable 100 per cent surge in merchant sign-ups nationwide, spanning tier-1, tier-2, and tier-3 cities.

In metros alone, BharatPe experienced a staggering month-on-month growth rate of over 104 per cent, with tier-2 and tier-3 cities not far behind, boasting a near 95 per cent increase in merchant onboarding, the report further stated.

A recent survey, according to the report, by Kirana Club highlights the shifting landscape, indicating that 42 per cent of Indian Kirana stores have already embraced alternative payment apps. Previously, Paytm commanded a dominant 69 per cent market share in these stores, the report notes.

The survey delves deeper, uncovering a loss of trust among local retailers in Paytm. As 42 per cent of Kiranas have already made the switch, an additional 20 per cent express intent to transition in the near future. Among those opting for alternatives, 50 per cent favour PhonePe, 30 per cent lean towards Google Pay, while 10 per cent show preference for BharatPe.

The impending closure of Paytm Payments Bank serves as a wake-up call for Kirana stores nationwide, prompting a rapid shift towards alternative payment solutions. As the digital payment landscape evolves, adaptability emerges as the key to survival for these essential retail outlets.