PhonePe in talks to onboard more banking partners after Yes Bank restrictions

NEW DELHI : PhonePe on Monday said it is actively working on adding more payment service provider (PSP) partners to offer its users more options for UPI transactions, even as the Flipkart-owned company continues to engage with crisis-ridden Yes Bank.

PhonePe had seen a service outage for nearly 24 hours, which started immediately after the RBI placed Yes Bank on moratorium on March 5. Its team worked overnight with the National Payments Corporation of India (NPCI) and new UPI partner, ICICI bank, to ensure all its services are up within a day.

“We were actively working on adding other PSP partners, this is also as per the recent NPCI advisory… PhonePe will shortly be launching an additional VPA (virtual payment address) with ICICI bank,” PhonePe founder and CEO Sameer Nigam told PTI.