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PhonePe to extend UPI handle to avoid cases of transaction declines


Digital payments company PhonePe has been mandated by the National Payments Corporation of India (NPCI) to add another banking partner for its Unified Payments Service (UPI) model. The mandate for major UPI players to go multi-bank was to avoid cases of transaction declines and allow banks with large customer base to keep their customers within their settlement ecosystem.

Previously PhonePe was offering UPI payments in partnership with Yes Bank through the ‘@ybl’ handle. (Source)

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