PhonePe partners with ICICI Bank on UPI Multi-Bank
Flipkart-owned digital payments platform, PhonePe, on Friday announced it has partnered with ICICI Bank on UPI multi-bank model, giving 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.
Commenting on the announcement, Hemant Gala, Vice President, Financial Services and 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.”
The new version of the app to add or create ICICI Bank’s UPI ID will be gradually rolled out to the users in the coming weeks.
Speaking about the partnership, Bijith Bhaskar, Head, Digital Channels and Partnership, ICICI Bank, said,
“With the 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 will be able to capitalise on their immense domain strengths for empowering customers to a seamless and simple digital payment experience.”
Earlier this month, PhonePe, along with ICICI Lombard, announced the launch of a comprehensive, industry-first domestic multi-trip insurance cover, which will be exclusively available for PhonePe users.
With the lockdown ending and domestic travel gradually starting across the country, the policy will provide one of the most affordable annual insurance covers for unlimited trips, as it aims for a stress-free travel experience for its customers by covering risks associated with all modes of travel within the country (road, rail, and air).