PhonePe is financial technology company headquartered in Bangalore, India. It was founded in December, 2015. It provides an online payment system based on Unified Payments Interface (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.
Video PhonePe
History
PhonePe received their licence to operate on 26th August, 2014 and began its operations in December, 2015. However, in April 2016, the company was acquired by Flipkart. Flipkart's Vice President in Marketing- Sameer Nigam was assigned as their new CEO.
In August 2016, the company partnered with Yes Bank to launch a UPI-based mobile payment app, based on the government-backed UPI platform.
Maps PhonePe
Legal challenges
On 14th January, 2017, ICICI bank blocked PhonePe transactions, citing the reasons that it did not meet the NPCI guidelines. Initially, on 19th January, 2017, NPCI instructed ICICI to allow UPI transactions via PhonePe. During this period, Airtel too blocked PhonePe transactions on its platforms.A day later, on 20th January, 2017, NPCI renounced the previous instructions citing the reason that PhonePe indeed violated the UPI norms. After this, PhonePe closed its operations on Flipkart's website, to align itself with the terms stated in the updated verdict from NPCI. By February, 2017, PhonePe resolved the issues with ICICI.
References
Source of article : Wikipedia
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