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PhonePe resumes services after being impacted by Yes Bank moratorium

PhonePe

Update: PhonePe is up and running. By 4 PM they had Debit and Credit Cards, and the PhonePe wallet functional. By 11:43 PM, they had UPI back up and running. Update at 3 pm: PhonePe has made it clear that it will not be working with Paytm or its acquirer bank Paytm Payments Bank to restore services. Paytm invited PhonePe to work with its own payments bank as an acquirer, stating that it already has huge adoption and can "seamlessly scale manifold" to handle PhonePe's business. PhonePe replied that they would have called Paytm Payments Bank if UPI platform was 'so seamlessly capable', "No point getting back up faster, if we have to desert our long term partners when they're down. Form is temporary, class is permanent." https://twitter.com/PhonePe_/status/1235852536545865729 Update at 12:10 pm: PhonePe CTO Rahul Chari said it has started disbursing merchant settlements. https://twitter.com/rahulchari9/status/1235801144212914176 Digital payments service PhonePe has been down since last night — it has now been at least 10 hours. PhonePe's app says it's "temporarily available" due to an "unscheduled maintenance activity" and said it "should not take more than 24 hours" to be running again. PhonePe CEO Sameer Nigam said the company's partner bank Yes Bank was placed under moratorium by the RBI, and that the entire team has been working all night to get services back up asap. "We hope to be live in a few hours," Nigam said. Yes Bank is PhonePe's acquiring bank. The RBI yesterday superseded the board of Yes Bank, and placed…

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