PhonePe says that it allows customers to login with their preferred virtual payment address (VPA) and does not make it mandatory for users to login to the app with a YES Bank handle, founders Rahul Chari and Sameer Nigam clarified in blog post. "Users who're registered with PhonePe can save their preferred CC/DC card details and won't need to enter 16 digit card nos every time. Similarly, they'll be able save their preferred UPI VPAs (including non-ybl handles) with us if they choose to do so," the post mentioned. "We believe the main issue relates to a rather unfortunate misunderstanding on where and when the inter-operability guidelines themselves come into play. PhonePe's Payment SDK on 3rd party merchant apps requires the user to first login to/register a PhonePe account before accessing any of our services. But, once a user is logged in and decided to pay for something using UPI as a payment option, we never mandate a user to link their Bank account to a @ybl handle," the blog added. Late Friday evening, the National Payments Corporation of India (NPCI) reversed its decision and asked YES Bank and PhonePe to comply with its regulations on interoperability and simultaneously asked ICICI Bank to open transactions once it was done. On Thursday, YES Bank, ICICI Bank, Flipkart and the NPCI issued statements which contradicted each other and ICICI Bank said that it would not open transactions yet. Last week, ICICI Bank blocked UPI payments from PhonePe, a Flipkart-owned YES Bank application.…
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