PhonePe latest offers promocodes upto 150Rs cashback on mobile recharge , electricity bill payment

>PhonePe is a Fin-Tech company headquartered in Bangalore, India. Founded in December 2015[1], it provides 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 with Authorization Number: 75/2014 dated 22 August 2014.[2][3]

History[edit]

>PhonePe had their licence to operate on 26 August 2014 and began its operations on December 2015. However, on April 2016, the company was acquired by Flipkart.[4][5] Flipkart’;s Vice President in Marketing Sameer Nigam was assigned as their new CEO.[6]

In August 2016, the company partnered with Yes Bank to launch a UPI-based mobile payment app, based on the government-backed UPI platform.[1][7][8]

Legal challenges[edit]

>On 14 January 2017, ICICI bank blocked PhonePe transactions on the grounds that it did not meet the NPCI’;s guidelines.[9][10]

>Initially to which by 19 January 2017 NPCI instructs ICICI to allow UPI transactions via PhonePe[11] while during this time, even Airtel blocks PhonePe transactions on its platforms.[12]

A day later NPCI renounces that PhonePe is indeed in violations of the UPI norms[13][14][15] to which PhonePe shuts down its operations on Flipkart’;s website,[16] 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.[17][18]

References[edit]

  1. Jump up to:a b c d “Tech in Asia – Connecting Asia’s startup ecosystem”. <i>www.techinasia.com. Retrieved 2017-02-20.
  2. Jump up^ “Reserve Bank of India – Publications”. <i>rbi.org.in. Retrieved 2017-02-20.
  3. Jump up^ “Terms of user | PhonePe”. <i>PhonePe.
  4. Jump up^ Reporter, B. S. (2016-04-02). “Flipkart buys mobile payments company PhonePe for an undisclosed sum”. <i>Business Standard India. Retrieved 2017-02-20.
  5. Jump up^ “Flipkart acquires former executive’s startup PhonePe for payments push”. <i>The Economic Times. Retrieved 2017-02-20.
  6. Jump up^ “Sameer Nigam: Executive Profile & Biography – Bloomberg”. <i>www.bloomberg.com. Retrieved 2018-05-12.
  7. Jump up^ “7 things you must know about the PhonePe app from Flipkart”. <i>Flipkart Stories. 2017-01-02. Retrieved 2017-02-20.
  8. Jump up^ “YES BANK and PhonePe have Partnered to Launch India’s 1st UPI Based Mobile Payment App – Press Release”. <i>www.yesbank.in. Retrieved 2017-02-20.
  9. Jump up^ Sen, Anirban (2017-01-14). “ICICI blocks PhonePe transactions in sign of banks moving to protect payments turf”. <i>Livemint. Retrieved 2017-02-20.
  10. Jump up^ Peermohamed, Alnoor (2017-01-16). “ICICI Bank blocks transactions through Flipkart wallet PhonePe”. <i>Business Standard India. Retrieved 2017-02-20.
  11. Jump up^ “NPCI instructs ICICI to allow UPI transactions on PhonePe immediately”. <i>The Economic Times. Retrieved 2017-02-20.
  12. Jump up^ “After ICICI Bank, Airtel also blocks PhonePe – The Economic Times”. <i>The Economic Times. Retrieved 2017-02-20.
  13. Jump up^ “NPCI says Flipkart’s PhonePe does not follow UPI rules – The Economic Times”. <i>The Economic Times. Retrieved 2017-02-20.
  14. Jump up^ IANS (2017-01-21). “PhonePe app in breach of UPI guidelines: NPCI”. <i>Business Standard India. Retrieved 2017-02-20.
  15. Jump up^ PTI (2017-01-20). “PhonePe in violation of UPI norms, says NPCI in U-turn”. <i>Livemint. Retrieved 2017-02-20.
  16. Jump up^ Nair, Vishwanath (2017-01-21). “PhonePe stops all UPI-based payments on Flipkart website”. <i>Livemint. Retrieved 2017-02-20.
  17. Jump up^ “ICICI Bank resumes UPI transactions on PhonePe – The Economic Times”. <i>The Economic Times. Retrieved 2017-02-20.
  18. Jump up^ “Flipkart’s PhonePe resolves issues with ICICI, claims 70x growth”. <i>www.moneycontrol.com. Retrieved 2017-02-20.

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