HDFC Bank Chief Aditya Puri Says Wallet Players Like Paytm Have No Future
In one of the sharpest comments against prepaid wallets like Paytm, HDFC Bank chief Aditya Puri today said such companies which hold on to customers through cash-backs are loss-making and have "no future".
"I think wallets have no future. There is not enough margin in the payment business for the wallets to have a future," Puri, the managing director and chief executive of the second largest private sector lender, said at the annual Nasscom summit here.
"Wallets as a valid economic proposition is doubtful. There is no money in the payments business. The current loss reported by market leader Paytm is Rs 1,651 crore. You cannot have a business that says pay a Rs 500 bill and take Rs 250 cash-back," Puri said.
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