PhonePe in talks with ICICI Bank for UPI handle: 01.10.2019

यूपीआई लेनदेन के लिए आईसीआईसीआई बैंक से पेशकश की फिराक मे फोनपे: रिपोर्ट

Points to Remember:

  • Digital payments company PhonePe is reportedly working on a partnership with ICICI Bank to offer Unified Payments Interface (UPI) transactions to users.
  • This reportedly follows the National Payments Corporation of India asking PhonePe to add more than one banking partner, being a third-party payment provider with over 5% market share.
    Presently, PhonePe partners with Yes Bank for UPI services.
  • Note: The mandate from NPCI for major UPI players to go multi-bank was to avoid cases of transaction declines, it also allows banks with large customer base to keep their customers within their settlement ecosystem.

About PhonePe:

  • PhonePe Private Limited is an Indian e-commerce payment system and digital wallet company headquartered in Bangalore, India.
  • It was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer.
  • Parent organization: Flipkart (Owned by Walmart)
  • Founded: December 2015
  • CEO: Sameer Nigam (Dec 2015)
  • Founders: Sameer Nigam, Rahul Chari, Burzin Engineer
  • Subsidiary: Solvy Tech Solutions Pvt. Ltd.
Important Possible questions based on above News:
  1. According to reports, who is reportedly working on a partnership with ICICI Bank to offer Unified Payments Interface (UPI) transactions to users? PhonePe
  2. What does UPI stands for: Unified Payment Interface

 

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