Friday, 20 January 2017

NPCI advises ICICI Bank to open UPI transactions through PhonePe App

The National Payments Corporation of India (NPCI) on Thursday said it has advised lending major ICICI Bank to 'open UPI (Unified Payments Interface) transactions' through mobile phone e-wallet PhonePe App immediately. The development comes after NPCI reviewed the recent action taken by the ICICI Bank to block UPI transactions made through the mobile e-wallet application. 

"We had a discussion with ICICI Bank and YES Bank (the banker to PhonePe) to review the matter and arrived at this," the umbrella organisation for all retail payment systems in the country said in a statement. The national financial service UPI enables bank account holders to send and receive money from their respective smartphones without the need to enter bank account information or net banking details.

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