PhonePe announced that it has collaborated with Axis Bank, on the Unified Payments Interface (UPI) multi-bank model. It aims to offer its users the ability to build and use multiple UPI IDs with the "@axl" handle of Axis Bank. Earlier, only one UPI ID per bank could be generated and used by users.
With 265 million registered users, PhonePe is the largest digital payments platforms in India. Giving an option to use multiple UPI IDs will ensure they can still make transactions even if any one bank's handle is temporarily out of service.
"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," the digital payments platform said.
PhonePe earlier joined hands with YES Bank and ICICI bank for creating and using UPI IDs for online payments multi-bank model.
Hemant Gala, Vice President financial services and payments, PhonePe said: "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."
"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," said Sanjeev Moghe, EVP & head – cards & payments, Axis Bank.
PhonePe continued its lead on UPI payments, clocking the highest volume of 968.7 million transactions in January, up by 7% from December 2020, and processing a total value of ₹1.92 trillion, beating rival Google Pay.
