PhonePe, ICICI Bank partner on UPI Multi-Bank

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PhonePe, leading digital payments platform, has partnered with private lender ICICI Bank on UPI multi-bank model offering its users the option to create and use multiple UPI IDs with ICICI Bank’s “@ibl” handle and YES Bank’s ‘@ybl’ handle on the PhonePe app. Besides, this partnership will enable quick and contactless payments to over 200 million registered PhonePe users.

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Hemant Gala, Vice President, Financial Services & Payments, PhonePe said, “At PhonePe our effort has always been to give customers more choice while making their transaction experience seamless. Offering the ‘@ibl’ handle to the users on our platform further solidifies PhonePe’s already fruitful association with ICICI Bank. With customers now being able to choose between multiple handles for their UPI IDs, we have achieved another key milestone in our journey towards making payments easy, secure and accessible to all.”

Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank said, “With increase in adoption of digital payments, ICICI Bank remains committed to extend its robust, reliable and scalable ICICI stack for wider use to the customers and partners. In further deepening of its collaborative ecosystem, ICICI Bank is partnering with PhonePe for extending UPI services. We believe that with this partnership both ICICI Bank and PhonePe would be able to capitalise on their immense domain strengths for empowering customers to a seamless and simple digital payment experience.”

Also Read: ICICI Bank introduces banking services on WhatsApp

The new version of the app to add or create ICICI Bank’s UPI ID will be gradually launched for the the users in the coming weeks.

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