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The National Payments Corporation of India (NPCI) has advised ICICI Bank to immediately start accepting UPI transactions made through PhonePe, a Flipkart app.
This follows a discussion that NPCI had with ICICI Bank and YES Bank — the banker to PhonePe — to review ICICI Bank’s action to block UPI transactions made through PhonePe. “Based on a review by NPCI....we would like to state that ICICI Bank has been advised to open UPI transactions immediately,” NPCI said in a statement.
Raising security-related concerns about access to UPI data to a non-banking application, ICICI Bank had on January 13 decided to block all its customers from using the PhonePe mobile app and digital payment services.
This was decided without any prior notice to YES Bank, which is Flipkart’s UPI banking partner.
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