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ICICI blocks transactions on Flipkart-owned PhonePe

These moves are seen as banks getting nervous of being disrupted by new-age digital payments players

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Icici

Alnoor Peermohamed  |  Bengaluru 

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PhonePe App ICICI Bank has blocked transactions on Flipkart-owned digital payments app PhonePe, accusing it of indulging in restrictive practices and breaking the Unified Payment Interface (UPI) guidelines of interoperability.

The bank began blocking transactions on PhonePe starting Friday, with CEO Sameer Nigam taking to Twitter to protest the move yesterday. He claimed that the bank hadn’t provided the company with any prior warning or information, saying the move was “on purpose”. “This entity (PhonePe) is following restrictive ...

First Published: Sun, January 15 2017. 19:04 IST
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