NPCI backs ICICI bank in tussle with PhonePe

0
482

In an about-turn, the NPCI (National Payments Corporation of India) has now supported ICICI Bank in the dispute between the private bank and Flipkart-owned app PhonePe, which empowers account-to-account transfers on behalf of Yes Bank. The company, which manages payment networks in India, has now said that PhonePe needs to first adhere to NPCI’s rules before ICICI Bank allows its customers to register on the app.

In an announcement, NPCI said, “Based on a review of ICICI Bank’s action to block Unified Payments Interface (UPI) transactions made through PhonePe app, NPCI has noted that PhonePe and Flipkart apps are in contravention of the UPI guidelines on interoperability. Hence, NPCI has directed PhonePe and Flipkart to comply with UPI guide lines, and allow payments from UPI handles of all banks on their apps,” said the company.

“Simultaneously , ICICI Bank has been requested to allow UPI transactions from PhonePe app as soon as PhonePe and Flipkart start complying with UPI guidelines on interoperability” the statement included.

The tussle between the two institutions is in focus because Flipkart is one of the biggest e-commerce in the country and has been the first off the block to start accepting payments directly from customer accounts using UPI -a platform which empowers account holders to transfer and request funds from other accountholders without account details.

Also, account holders can use any bank app to access their bank accounts. Flipkart has been offering discounts to customers who use the PhonePe app.

Checkout Latest IT news at itvoir.com

Sameeksha Bhardwaj, From ITvoir News Desk

LEAVE A REPLY