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Homepage of PhonePe as on 20 Feb 2017
|PhonePe Private Limited|
|Services||Unified Payments Interface|
PhonePe is a 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).
PhonePe received its licence to operate on 26 August 2014 and began 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.
On 14 January 2017, ICICI bank blocked PhonePe transactions, citing the reasons that it did not meet the NPCI guidelines. Initially, on 19 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 20 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.