PhonePe partners with ICICI Bank on UPI Multi-Bank
Users will now have the option of using ‘@ibl’ (ICICI Bank) and ‘@ybl’ (YES Bank) UPI IDs on PhonePe
Bengaluru, June 26, 2020: PhonePe, India’s leading digital payments platform, today announced that it has partnered with ICICI Bank on 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, enables quick and contactless payments to over 200 million registered PhonePe users.
For PhonePe, this is inline with the company’s philosophy of offering users and merchant partners a seamless transaction flow. 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, “At PhonePe our effort has always been to give customers more choice while making their transaction experience seamless. 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, “With increase in adoption of digital payments, ICICI Bank remains committed to extend its robust, reliable and scalable ICICI stack for wider use to the customers and partners. In 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 capitalise 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.
PhonePe is India’s leading digital payments platform with over 200 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 digital gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched Mutual Funds and Insurance financial products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 180 apps including Ola, Myntra, IRCTC, Goibibo, redBus, Oyo etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 10 million merchant outlets across 400 cities nationally. For more details, please visit https://www.phonepe.com or download the PhonePe app.
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