PhonePe partners with ICICI on UPI Multi-Bank

Prashasti Awasthi Mumbai | Updated on June 26, 2020

The new version of the app to add or create ICICI Bank’s UPI ID will be gradually rolled out to the users in the coming weeks

PhonePe, a digital payments platform, today announced that it has partnered with ICICI Bank on the UPI multi-bank model giving its users the option to create and use multiple UPI IDs with ICICI Bank’s “@ibl” handle and YES Bank’s ‘@ybl’ handle on the PhonePe app.

This addition, in partnership with ICICI Bank, aims to enable seamless payments to over 200 million registered PhonePe users, the company mentioned.

PhonePe believes that collaborating with two banking partners will further strengthen the overall service reliability and uptime of PhonePe's market-leading UPI offering.

Commenting on the announcement, Hemant Gala, Vice President, Financial Services & Payments, PhonePe said in an official statement: “At PhonePe our effort has always been to give customers more choice while making their transaction experience seamless.”

Gala added, “Offering the ‘@ibl’ handle to the users on our platform further solidifies PhonePe’s already fruitful association with ICICI Bank. With customers now being able to choose between multiple handles for their UPI IDs, we have achieved another key milestone in our journey towards making payments easy, secure and accessible to all.”

Talking about the partnership, Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank said in an official announcement, “With an increase in adoption of digital payments, ICICI Bank remains committed to extending its robust, reliable and scalable ICICI stack for wider use to the customers and partners.

He added, “In the further deepening of its collaborative ecosystem, ICICI Bank is partnering with PhonePe for extending UPI services. We believe that with this partnership both ICICI Bank and PhonePe would be able to capitalize on their immense domain strengths for empowering customers to a seamless and simple digital payment experience.”

The new version of the app to add or create ICICI Bank’s UPI ID will be gradually rolled out to the users in the coming weeks.

Published on June 26, 2020

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