PhonePe, India’s leading digital payments platform, today announced that it has partnered with India’s third largest bank, Axis Bank on UPI multi-bank model giving its users the option to create and use multiple UPI IDs with Axis Bank’s “@axl” handle.
In addition, PhonePe will also start acquiring merchants with Axis Bank in addition to its partnership with YES Bank. This is in line with the company’s philosophy of offering users and merchant partners a seamless transaction flow. Collaborating with multiple banking partners will further strengthen the overall service reliability and uptime of PhonePe’s offering.
Commenting on the announcement, Hemant Gala, VP Financial Services & Payments, PhonePe said, “At PhonePe, our foremost priority is to provide the best in class payments experience to our users. We are excited to partner with Axis Bank to provide our users an option to create and transact using @axl handle on PhonePe. Our platform now enables the users to choose between multiple handles for their UPI transactions on the multi bank model. This partnership with Axis Bank will ensure greater business continuity for both our customers and merchant partners making their transaction experience seamless.”
Speaking on the partnership, Sanjeev Moghe, EVP & Head – Cards & Payments, Axis Bank said, “It is our constant endeavour at Axis Bank to build on strategic alliances and digital solutions that help us meet our customers’ ever-evolving needs. This collaboration with PhonePe strengthens our commitment towards digitization of the Indian payment ecosystem. It will help expand our reach to customers and the merchant community, while offering secure and seamless payment experiences. “