Here's what PhonePe’s CEO thinks about rivals Paytm and CRED
The interview highlighted Sameer Nigam's belief in the value of healthy competition, which he asserts can coexist with mutual respect and admiration for the strengths each player brings to the table.
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In a candid conversation with CNBC-TV18's Shereen Bhan, PhonePe CEO Sameer Nigam offered a rare glimpse into the competitive landscape of the fintech industry, acknowledging Paytm's pioneering innovations while critically assessing the sector's dog-eat-dog situation.
Nigam eschewed the notion of exploiting competitors' vulnerabilities, describing it as a a "perverse game". Instead, he emphasized the importance of recognizing and respecting the strengths and innovations of industry peers.
"I think in our sector over the last 10, 15 years, the most innovative by far and away has been Paytm," Nigam shared, citing their introduction of the digital wallet, QR code system, and soundbox as significant contributions.
While Nigam praised Paytm for its ground-breaking initiatives, he offered a more nuanced view of CRED, noting its emphasis on design aesthetics. "Cred got gloss to design. It's glossy. It looks like. Really polished," he remarked, highlighting a different facet of innovation within the competitive landscape.
Nigam's reflections did not shy away from the realities of fierce competition, acknowledging instances where rivals have targeted PhonePe opportunistically. "I think it becomes, at some point, so competitive that people forget why they started the game, and it just becomes a dog-eat-dog market situation," he observed.
