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PhonePe transactions are back on track after the Yes Bank crisis had disrupted UPI payments.
PhonePe, which earlier partnered with Yes Bank, is now working with private sector lender ICICI Bank for UPI transactions.
“We are back with a bang! Would’ve been impossible to do so in record time without incredible effort and inspirational leadership displayed by NPCI and our new UPI partner ICICI Bank,” said Sameer Nigam, Founder and CEO PhonePe.
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Yes Bank crisis: RBI’s action hits PhonePe and other fintech firms
The RBI has imposed a moratorium on Yes Bank, which is PhonePe’s partner bankThe popular payment app had faced outage for nearly 24 hours after the Reserve Bank of India put a moratorium on Yes Bank on March 5. “All merchant payment settlements were restored by Friday noon (March 6) and all consumer wallet, credit and debit card payments were restored by 3 PM,” the company said in a statement.
PhonePe has about 20 crore users, and its employees are understood to have worked straight to the night.
Following the RBI moratorium, withdrawals from ATMs as well as net banking through Yes Bank were also not functional. Bank executives told customers that the bank’s servers had been impacted. However, these services have also been restored now.
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