Can’t buy trust: Pine Labs mocks Paytm’s print ad with its own

Paytm unveiled a print ad in TOI to reassure users and merchants that its QR, soundbox, and card machine will continue to work.

Pine Labs, an Indian company providing financing and retail transaction technology, has taken a jab at One97 Communications owned Paytm company’s recent ad.

Yesterday, Paytm launched a print ad on the front page of Times of India to reiterate that its payment devices are working and will continue to do so. The ad mentioned, ‘India’s every Paytm QR & Soundbox will keep working Today, Tomorrow, Always’.

The Reserve Bank of India (RBI) issued a directive that imposes restrictions on Paytm Payments Bank Account/Wallet, preventing it from accepting new deposits or facilitating credit transactions, after February 29, 2024. It has extended the deadline from February 29 to March 15, 2024, as reported by The Economic Times.

In response to Paytm's initiative, Pine Labs has introduced a paid ad campaign on X (formerly Twitter), skillfully allowing readers to draw their own conclusions. The ad cleverly states, ‘The front page can be bought. Trust cannot.’ It further claims itself as a platform trusted by 1 million businesses because it takes compliance very seriously.

As per RBI's notice, there is no restriction on withdrawal of money from existing balance even after March 15, 2024. The directive does not impact existing balances in account or wallet.