Indian digital payments platform PhonePe has partnered with Axis Bank on UPI multi-bank model, giving users an option to create and use multiple UPI IDs with an Axis Bank ID. Apart from this, PhonePe will start acquiring merchants with Axis Bank in addition to its partnership with YES Ban. This is in line with the company’s philosophy of offering users and merchant partners a seamless transaction experience, PhonePe said while making the announcement.
“Collaborating with multiple banking partners will further strengthen the overall service reliability and uptime of PhonePe’s offering,” the company said. Commenting on the announcement, the VP of Financial Services and Payments at PhonePe, Hemant Gala said, “At PhonePe, our foremost priority is to provide the best in class payments experience to our users. We are excited to partner with Axis Bank to provide our users an option to create and transact using @axl handle on PhonePe. Our platform now enables the users to choose between multiple handles for their UPI transactions on the multi bank model. This partnership with Axis Bank will ensure greater business continuity for both our customers and merchant partners making their transaction experience seamless.”
Last month, the National Payments Corporation of India (NPCI), said that PhonePe has clocked 902.03 million user-initiated transactions in December which amounted to a value to Rs 182,126.88 crore. Google Pay slipped into second position, with 854.49 million customer-initiated transaction volume valued at Rs 176,199.33 crore. The National Payments Corporation of India numbers said that the UPI transactions clocked 2.21 billion mark for the month.