PhonePe partners with ICICI Bank, to continue alliance with Yes Bank

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.

While PhonePe declined to comment on the banks it is in talks with, sources said PhonePe is engaged in dialogue with State Bank of India, HDFC Bank, Axis Bank and RBL Bank.

Nigam said services on the PhonePe app were fully resumed on March 6 for all users and merchant partners, with ICICI bank as our new banking partner.