PhonePe ventures with ICICI on UPI Multi Bank model
PhonePe announced its partnership with the ICICI Bank on UPI multi-bank model giving 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. This addition, in partnership with ICICI Bank, enables quick and contactless payments to over 200 million registered PhonePe users.
For PhonePe, this is in line with the company’s philosophy of offering users and merchant partners a seamless transaction flow. Collaborating with two banking partners will further strengthen the overall service reliability and uptime of PhonePe's market leading UPI offering.
“At PhonePe our effort has always been to give customers more choice while making their transaction experience seamless. Offering the ‘@ibl’ handle to the users on our platform further solidifies PhonePe’s already fruitful association with ICICI Bank. With customers now being able to choose between multiple handles for their UPI IDs, we have achieved another key milestone in our journey towards making payments easy, secure and accessible to all,” said Hemant Gala, Vice President, Financial Services & Payments, PhonePe.
The new version of the app to add or create ICICI Bank’s UPI ID will be gradually rolled out to the users in the coming weeks.
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