PhonePe partners with Axis Bank on UPI Multi-Bank
This partnership with Axis Bank will further enable quick and secure payments to over 265 million registered PhonePe users
National, February 8th, 2021: PhonePe, India’s leading digital payments platform, today announced that it has partnered with India’s third largest bank, Axis Bank on UPI multi-bank model giving its users the option to create and use multiple UPI IDs with Axis Bank’s “@axl” handle.
In addition, PhonePe will also start acquiring merchants with Axis Bank in addition to its partnership with YES Bank. This is inline with the company’s philosophy of offering users and merchant partners a seamless transaction flow. Collaborating with multiple banking partners will further strengthen the overall service reliability and uptime of PhonePe’s offering.
Commenting on the announcement, Hemant Gala, VP Financial Services & Payments, PhonePe said, “At PhonePe, our foremost priority is to provide the best in class payments experience to our users. We are excited to partner with Axis Bank to provide our users an option to create and transact using @axl handle on PhonePe. Our platform now enables the users to choose between multiple handles for their UPI transactions on the multi bank model. This partnership with Axis Bank will ensure greater business continuity for both our customers and merchant partners making their transaction experience seamless.”
Speaking on the partnership, Sanjeev Moghe, EVP & Head – Cards & Payments, Axis Bank said, “It is our constant endeavour at Axis Bank to build on strategic alliances and digital solutions that help us meet our customers’ ever-evolving needs. This collaboration with PhonePe strengthens our commitment towards digitization of the Indian payment ecosystem. It will help expand our reach to customers and the merchant community, while offering secure and seamless payment experiences.”
PhonePe is India’s largest digital payments platform with over 265 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of Gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic among others. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 300 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus, etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 16 million merchant outlets across 500 cities nationally.
About Axis Bank:
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,586 domestic branches (including extension counters) and 11,629 ATMs across the country as on 31st December 2020, the network of Axis Bank spreads across 2,586 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation. To read more about the Bank, please visit https://www.axisbank.com
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