PhonePe inks partnership with private sector lender ICICI Bank for UPI transactions. PhonePe earlier partnered with Yes Bank, but after YES Bank has been placed under moratorium by Reserve Bank of India due to which UPI transactions at PhonePe got disrupted. The popular payment app had faced outage for nearly 24 hours after the Reserve Bank of India put a moratorium on March 5.
Important takeaways for all competitive exams:
- The parent organization of Phonepe: Flipkart.
- Phonepe founded: December 2015.
- CEO of Phonepe: Sameer Nigam.
- Headquarters location: Bengaluru, Karnataka.