PhonePe
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.png) Homepage of PhonePe as on 20 Feb, 2017 | |
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PhonePe Private Limited FX Mart Pvt. Ltd. | |
| Private | |
| Founded | 2015 |
| Founders |
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| Headquarters | Bangalore, Karnataka, India |
Area served | India |
| Services | Unified Payments Interface |
| Parent | Flipkart |
| Website | PhonePe.com |
PhonePe (Powered by Yes Bank[1]) is a Fin-Tech company headquartered in Bangalore (India) founded in December 2015,[2] 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.[3][4]
History
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.[5][6] 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[1][2] of making online payments (cashless), based on the government-backed UPI platform.[7]
Legal Challenges
On 14 January 2017, ICICI bank blocked PhonePe transactions on the grounds that it did not meet the NPCI's guidelines.[8][9]
Initially to which by 19 January 2017 NPCI instructs ICICI to allow UPI transactions via PhonePe[10] while during this time, even Airtel blocks PhonePe transactions on its platforms.[11]
A day later NPCI renounces that PhonePe is indeed in violations of the UPI norms[12][13][14] to which PhonePe shuts down its operations on Flipkart's website,[15] 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.[16][17]
References
- 1 2 "YES BANK and PhonePe have Partnered to Launch India's 1st UPI Based Mobile Payment App - Press Release". www.yesbank.in. Retrieved 2017-02-20.
- 1 2 "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2017-02-20.
- ↑ "Reserve Bank of India - Publications". rbi.org.in. Retrieved 2017-02-20.
- ↑ "Terms of user | PhonePe". PhonePe.
- ↑ Reporter, B. S. (2016-04-02). "Flipkart buys mobile payments company PhonePe for an undisclosed sum". Business Standard India. Retrieved 2017-02-20.
- ↑ "Flipkart acquires former executive's startup PhonePe for payments push". The Economic Times. Retrieved 2017-02-20.
- ↑ "7 things you must know about the PhonePe app from Flipkart". Flipkart Stories. 2017-01-02. Retrieved 2017-02-20.
- ↑ Sen, Anirban (2017-01-14). "ICICI blocks PhonePe transactions in sign of banks moving to protect payments turf". http://www.livemint.com/. Retrieved 2017-02-20. External link in
|newspaper=(help) - ↑ Peermohamed, Alnoor (2017-01-16). "ICICI Bank blocks transactions through Flipkart wallet PhonePe". Business Standard India. Retrieved 2017-02-20.
- ↑ "NPCI instructs ICICI to allow UPI transactions on PhonePe immediately". The Economic Times. Retrieved 2017-02-20.
- ↑ "After ICICI Bank, Airtel also blocks PhonePe - The Economic Times". The Economic Times. Retrieved 2017-02-20.
- ↑ "NPCI says Flipkart's PhonePe does not follow UPI rules - The Economic Times". The Economic Times. Retrieved 2017-02-20.
- ↑ IANS (2017-01-21). "PhonePe app in breach of UPI guidelines: NPCI". Business Standard India. Retrieved 2017-02-20.
- ↑ PTI (2017-01-20). "PhonePe in violation of UPI norms, says NPCI in U-turn". http://www.livemint.com/. Retrieved 2017-02-20. External link in
|newspaper=(help) - ↑ Nair, Vishwanath (2017-01-21). "PhonePe stops all UPI-based payments on Flipkart website". http://www.livemint.com/. Retrieved 2017-02-20. External link in
|newspaper=(help) - ↑ "ICICI Bank resumes UPI transactions on PhonePe - The Economic Times". The Economic Times. Retrieved 2017-02-20.
- ↑ "Flipkart’s PhonePe resolves issues with ICICI, claims 70x growth". www.moneycontrol.com. Retrieved 2017-02-20.