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PhonePe partners with Axis Bank on UPI multi-bank model

Digital payments platform PhonePe on Monday announced that it has partnered with Axis Bank on a Unified Payments Interface (UPI) multi-bank model.

The partnership will provide PhonePe users with the option to create and use multiple UPI IDs with Axis Bank’s “@axl” handle.

PhonePe will also start acquiring merchants with Axis Bank in addition to its partnership with YES Bank.

PhonePe to tap new revenue streams in financial services, consumer engagement

Digitisation push

Hemant Gala, VP Financial Services & Payments, PhonePe, said, “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.”

PhonePe launches ESOPs worth $200 m for its employees

“This collaboration with PhonePe strengthens our commitment towards digitisation of the Indian payment ecosystem. It will help expand our reach to customers and the merchant community while offering secure and seamless payment experiences,” Sanjeev Moghe, EVP & Head – Cards & Payments, Axis Bank, said.

PhonePe had emerged as the top UPI app in January, processing 968.72 million transactions worth ₹1.92 trillion, according to data by National Payments Corporation of India (NPCI).

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