PhonePe Partnered with ICICI Bank on UPI multi-bank model

Flipkart-owned PhonePe announced that  it has partnered with ICICI Bank on the Unified Payments Interface(UPI) multi-bank model, to provide 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.

• Through this partnership ICICI Bank has become the second official UPI partner of PhonePe after Yes Bank.

Key Points

i.PhonePe has over 200 million registered users. It gives the option to use multiple UPI IDs to ensure a seamless transaction for the customers even if any one bank’s handle is temporarily out of service as was the case when the Yes Bank’s handle was suspended in March.

ii.PhonePe users can access the ICICI Bank’s handle through a new version of the app. The update will be available in the Google Play Store and Apple App Store soon.

iii.Through this partnership, ICICI Bank and PhonePe will be able to use their immense domain strengths to empower customers to a seamless and simple digital payment experience.

Note:

i.ICICI Bank is also the UPI partner for Google Pay, MakeMyTrip, Mi Pay and TrueCaller.

ii.PhonePe in partnership with ICICI Lombard, announced the launch of a comprehensive, industry-first domestic multi-trip insurance cover, which is only available for PhonePe users.

About PhonePe:
Headquarters– Bengaluru, Karnataka
Chief Executive Officer(CEO)– Sameer Nigam

About ICICI:
Headquarters– Mumbai, Maharashtra
Managing Director & CEO– Sandeep Bakhshi