Within 100 hours of the Reserve Bank of India placing a moratorium on Yes Bank on March 5, Cashfree, a digital payments company, migrated more than 1 million Yes Bank UPI handles to ICICI bank. "Around 70% of all services were affected after the announcement of the moratorium. Within 1-2 hours, we rerouted most of the transactions through other banks," Reeju Datta, the co-founder of Cashfree, told MediaNama. Unlike PhonePe, that was similarly affected by this moratorium, Cashfree had multiple acquiring banks including IndusInd Bank and HDFC Bank. However, "this [migration to ICICI Bank] is an interim measure, not a permanent one," Datta said. He did not clarify what a permanent measure would be. This migration to ICICI Bank was necessary because Yes Bank's QR codes which were deployed in the field (such as in kirana stores), would have turned non-functional without…
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