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ICICI Bank Block: PhonePe says 20,000 txns of over Rs 5 cr value failed

PhonePe, a Flipkart-owned YES Bank application, which allows money transfer and payments using the Unified Payments Interface (UPI), has said that the company saw around 20,000 transactions with total value of over Rs 5 crore failing because ICICI Bank blocked its customers from using the PhonePe. It hasn't disclosed as to how many PhonePe users have been impacted, and how many are on ICICI Bank, but suffice to say, prior to demonetization, the company had over 500,000 registered users. PhonePe CEO Sameer Nigam has written to their users responding to the concerns that ICICI raised in the media, specifically about security concerns, restrictive practices, and that the apps integration with Flipkart was in contravention to UPI's interoperability guidelines. Using Flipkart to drive PhonePe registrations Most importantly, though, PhonePe, in the letter, acknowledges that it is currently not compliant with the latest "Android Intent calls" guidelines, which allow a merchant to open a UPI application to complete the transaction. In its defence, PhonePe says that "To be clear, none of the other UPI enabled apps including BHIM have been updated to meet these new guidelines yet." It appears that the way PhonePe was integrated with Flipkart (especially how it was integrated until yesterday), that the objective was to drive PhonePe registrations via Flipkart. Until late yesterday, the UPI option displayed was PhonePe UPI. Now it says UPI Pe, with the "Pe" from the PhonePe logo. Users mandatorily need a PhonePe account to access the UPI payment option, the "link the account with Flipkart" option…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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