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PhonePe & ICICI Bank Join Hands for UPI Multi-Bank

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India’s leading digital payments platform PhonePe has partnered with 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.

Commenting on the announcement, Hemant Gala, Vice President, Financial Services & Payments, PhonePe said, “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.”

Talking about the partnership, Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank said, “With increase in adoption of digital payments, ICICI Bank remains committed to extend its robust, reliable and scalable ICICI stack for wider use to the customers and partners. In further deepening of its collaborative ecosystem, ICICI Bank is partnering with PhonePe for extending UPI services. We believe that with this partnership both ICICI Bank and PhonePe would be able to capitalise on their immense domain strengths for empowering customers to a seamless and simple digital payment experience.”

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.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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