YES Bank – a leader in UPI transactions leaves payment companies like PhonePe high and dry
- The Reserve Bank of India capped the withdrawals from
YES Bankat ₹50,000 and that has set a frenzy in motion in the banking sector.
- From digital payments companies, that have wallets, to the ones that offer financial services and were linked with YES Bank have now come in the eye of the storm.
- YES Bank accounted for 40% of
UPI transactionsin January 2020 – accounting for 514 million transactions.
From digital payments companies, that have wallets, to the ones that offer financial services were caught in the eye of the storm. According to the National Payments Corporation of India (NPCI), YES Bank was the UPI partner for about 20 apps. The bank accounted for 40% of UPI transactions in January 2020 – accounting for 514 million transactions.
PhonePe, the digital payments company’s servers went down late Thursday night, as it uses YES Bank as the backend for most of its UPI accounts.
We are temporarily unavailable. We are going through an unscheduled maintenance activity. We apologize for any in… https://t.co/aiDh5XkKVx— PhonePe (@PhonePe_) 1583432594000
PhonePe’s CEO Sameer Nigam too addressed the issue early in the morning and wrote on Twitter, “Dear @PhonePe_ customers. We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team's been working all night to get services back up asap. We hope to be live in a few hours. Thanks for your patience. Stay tuned for updates!.”
A few Twitter users called PhonePe a collateral damage to the
“We have cancelled all fund withdrawal requests made by clients to their YES bank accounts so that the money doesn’t get blocked. Please change, if your primary bank account is YES, to any other and withdraw the funds,” he wrote on Twitter.
Payments processing platform
Update on Yes Bank being placed under moratorium by RBI. Our payment gateway services are unaffected. While some o… https://t.co/yz2qH52xHB— Razorpay (@Razorpay) 1583431569000
Yes Bank mobile and net banking down after RBI limits withdrawals to ₹50,000
India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank
- 479 leaked photos purporting to show Putin's secret palace, with an ice rink and pole-dancing room, published by Navalny foundation
- SEBI is hiring young graduate professionals for a monthly stipend of ₹60,000, last date is January 25
- The first pig-heart transplant patient was denied a human heart after failing to follow doctors' orders
- This Indian couple plans to get married in a Hogwarts-themed metaverse to beat the pandemic's restrictions
- Here are some of Netaji’s inspirational quotes as India remembers its valiant fighter
- Lifecycle of cryptocurrencies – From creation to trade and destruction
- Reliance Industries net profit more than triples in the last eight quarters to $2.8 billion
- Reliance Retail earns $1.3 billion more than its best-ever quarter