Nithin Kamath praises Paytm's speaker. CEO Vijay Shekhar Sharma responds

Zerodha CEO Nithin Kamath and Paytm Vijay Shekhar Sharma had turned rivals after Paytm Money began its broking service in 2019.

Zerodha CEO Nithin Kamath recently praised Paytm's soundbox and called it one of the best examples of a product made specifically for the Indian context by an Indian fintech. Once linked to a Paytm account, the soundbox or speaker announces the details every time a transaction is made.

Taking to Twitter, Kamath wrote, "India is unique. Copy-pasting models from the US, etc, have hardly worked. Paytm's speaker for Indian vendors that reads out payments is one of the best examples of a product made specifically for the Indian context by an Indian fintech."

Nithin Kamath also shared an article on how the speakers unlocked the rise of digital payments in India.

India is unique. Copy-pasting models from the US, etc, has hardly worked. Paytm's speaker for Indian vendors that reads out payments is one of the best examples of a product made specifically for the Indian context by an Indian fintech.https://t.co/O4aIl04MqO

— Nithin Kamath (@Nithin0dha) April 6, 2023

Soon, Paytm founder and CEO Vijay Shekhar Sharma responded to the Zerdha boss's tweet. Thanking Kamath, he praised the company's pioneering technology team whose products become mainstream for the country.

"First, a QR-based payment acquiring for merchants, and then soundbox for confirmation. Proud of Paytm's pioneering technology team whose products become mainstream for the whole country," Sharma tweeted.

First A QR based payment acquiring for merchants, and then soundbox for confirmation.
Proud of @Paytm ‘s pioneering technology team whose products become mainstream for whole country.
True believer of #HarPaymentDigital
Thank you Nitin https://t.co/o7kfFad6xd

— Vijay Shekhar Sharma (@vijayshekhar) April 6, 2023

Both Kamath and Sharma seemed to have come a long way since 2019 when Kamath considered Paytm as the only company that can compete with Zerodha's products. At the time, Paytm Money had just received a green signal from market regulator Securities and Exchange Board of India (SEBI) to start their broking service.

"It isn't really about the pricing. It is about the product. That's where we currently enjoy a long distance from competition," Kamath told The Economic Times. “Whoever has a better product, wins. If anyone out there can compete with us in terms of product, it will be them (Paytm)," he said adding that only time will tell if Paytm will be able to deliver or not.

Currently, Zerodha is the country's biggest online stock broking site.

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