Paytm’s complaints against rivals didn’t stop at this.

Sharma also called Facebook, WhatsApp’s parent firm, “the most evil company in the world,” in an interview to Business Standard newspaper. “Facebook is openly colonising our payment system and is customising UPI to their benefit,” Sharma told The Economic Times newspaper in February.

Paytm’s anxiety hardly comes as a surprise amidst stiffening competition as India’s e-payments pie is estimated to grow over five times to $1 trillion by 2023, according to Credit Suisse. The ecosystem is already crowded: 100 players, including over 60 non-banking players like Paytm, Amazon Pay, MobiKwik, and PayU.

“It is a part of the competitiveness that is playing out. It will come to pass. And if it escalates then there are arbitration bodies that can always step in,” said an analyst, requesting anonymity.

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