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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…

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

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