Paytm has been in talks since the government has announced Rs.500 and Rs.1000 notes ban.
Paytm, the very next day had put its advertisements on the front-page of newspapers about how the app could be useful.
Since then, most users prefer Paytm than other wallets such as Freecharge and Mobikwik.
SBI has its own mobile app, Buddy, which is giving stiff competition to Paytm by putting up banners across the country on how its app is better than Paytm.
The banners of SBI compares on the grounds that Buddy has a semi-closed prepaid wallet which can be used to transfer money to other wallet users and bank accounts anytime anywhere.
Buddy and Paytm are also compared to the amount that the apps charges for transfers. Paytm charges 4% of the amount below Rs.10000 while Buddy charges only Rs.2.
Paytm is partly owned by Chinese company Alibaba group and Buddy is SBI’s own app.
