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.
- 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:
- According to reports, who is reportedly working on a partnership with ICICI Bank to offer Unified Payments Interface (UPI) transactions to users? PhonePe
- What does UPI stands for: Unified Payment Interface