The digital payment platform PhonePe has partnered with India’s third largest bank, Axis Bank on a Unified Payments Interface (UPI) multi-bank model. It will enable the PhonePe users to create and use multiple UPI IDs with Axis Bank’s “@axl” handle.
- Until now, the PhonePe’s key banking partner was Yes Bank.
- This collaboration will also give PhonePe access to the Axis bank’s merchant base.
Additional Info: PhonePe
–In accordance with National Payments Corporation of India (NPCI), PhonePe had emerged as the top UPI app in January, 2021 processing 968.72 million transactions worth Rs 1.92 trillion.
-It has 265 million registered customers.
–Recently it granted employee stock option plans (ESOP) worth $200 million to all its full-time employees.
Recent Related News:
i.On January 19, 2021 Axis Bank Ltd launched ‘AURA’, a credit card with health and wellness benefits at an affordable price for its individual users. The features of the card is powered by Poshvine , Decathlon, Practo, Fitternity, IndushealthPlus, 1MG etc.,
ii.Competition Commission of India (CCI) has given approval to the deal between Max Life Insurance Company Ltd and Axis entities (Axis bank Ltd, Axis Capital ltd and Axis Securities Ltd).
About Axis Bank:
Managing Director (MD) and Chief Executive Officer (CEO)– Amitabh Chaudhry
Headquarter– Mumbai, Maharashtra
Tagline– Badhti ka Naam Zindagi
About PhonePe:
Chief Executive Officer (CEO)– Sameer Nigam
Headquarter– Bengaluru, Karnataka
