PhonePe
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Homepage of PhonePe as on 20 Feb 2017
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| PhonePe Private Limited | |
| Private | |
| Founded | 2015 |
| Founders |
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| Headquarters | , |
Area served
| India |
| Services | Unified Payments Interface |
| Parent | Flipkart |
| Website | www |
PhonePe is a financial technology company headquartered in Bangalore, India. It was founded in December, 2015[1]. 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.[2][3]
History[edit]
PhonePe received their licence to operate on 26 August 2014 and began its operations in December, 2015. However, in 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, citing the reasons that it did not meet the NPCI guidelines.[9][10]Initially, on 19 January 2017, NPCI instructed ICICI to allow UPI transactions via PhonePe[11]. During this period, Airtel too blocked PhonePe transactions on its platforms.[12]A day later, on 20 January 2017, NPCI renounced the previous instructions citing the reason that PhonePe indeed violated the UPI norms.[13][14][15]
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