PhonePe partners with Axis Bank on UPI multi-bank model

Digital payments platform, PhonePe has announced that it has partnered with Axis Bank on a Unified Payments Interface (UPI) multi-bank model. The partnership will provide PhonePe users with the option to create and use multiple UPI IDs with Axis Bank’s “@axl” handle.

This collaboration with PhonePe strengthens our commitment towards digitisation of the Indian payment ecosystem. It will help expand our reach to customers and the merchant community while offering secure and seamless payment experiences.

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PhonePe had emerged as the top UPI app in January, processing 968.72 million transactions worth ₹1.92 trillion, according to data by National Payments Corporation of India (NPCI). PhonePe will also start acquiring merchants with Axis Bank in addition to its partnership with YES Bank. It will help expand our reach to customers and the merchant community while offering secure and seamless payment experiences.

Important takeaways for all competitive exams:

• CEO of Phonepe: Sameer Nigam
• Headquarters location of Phonepe: Bengaluru, Karnataka.

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