PhonePe
 |
|
.png)
Homepage of PhonePe as on 20 Feb, 2017
|
|
| PhonePe Private Limited FX Mart Pvt. Ltd. |
|
| Private | |
| Founded | 2015 |
| Founders |
|
| Headquarters | Bangalore, Karnataka, India |
|
Area served
|
India |
| Services | Unified Payments Interface |
| Parent | Flipkart |
| Website | PhonePe |
PhonePe (Powered by Yes Bank) is a Fin-Tech company headquartered in Bangalore (India) founded in December 2015, that provides online payment system based on UPI, which is a new process in electronic funds transfer launched by National Payments Corporation of India (NPCI).
It is licensed by the Reserve Bank of India for issuance and operation of a Semi Closed Prepaid Payment system with Authorization Number: 75/2014 dated 22 August 2014.
PhonePe received its RBI licensing on 25 August 2014 (valid until 31 August 2019) but started its operations only by December 2015 and by April 2016, it was acquired by Flipkart. VP Marketing at Flipkart Mr. Sameer Nigam is CEO of PhonePE
As a result of the 2016 Indian banknote demonetisation, PhonePe became among the very 1st apps of making online payments (cashless), based on the government-backed UPI platform.
On 14 January 2017, ICICI bank blocked PhonePe transactions on the grounds that it did not meet the NPCI's guidelines.
Initially to which by 19 January 2017 NPCI instructs ICICI to allow UPI transactions via PhonePe while during this time, even Airtel blocks PhonePe transactions on its platforms.
A day later NPCI renounces that PhonePe is indeed in violations of the UPI norms to which PhonePe shuts down its operations on Flipkart's website, to align itself with the compliances as stipulated in the updated verdict from NPCI.
Only by early February 2017 was PhonePe able to resolve issues with ICICI.
...
Wikipedia