InvestorQ : Why has Phone Pe, one of the premium digital payment platforms, been down for most of the day on 06 March?
manisha Kolvenkar made post

Why has Phone Pe, one of the premium digital payment platforms, been down for most of the day on 06 March?

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Mahima Roy answered.
12 months ago
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Phone Pe rides the Yes Bank gateway for its payment wallet services. That was the reason Phone Pe platform was down and is expected to resume operations by late evening. The platform services had gone down due to RBI’s moratorium on Yes Bank. Phone Pe confirmed that it will resume wallet services for debit cards, credit cards and UPI-based payments by the end of the day with a new partner. Phone Pe had been using Yes Bank as its UPI partner from its inception. Additionally, the National Payments Corporation of India (NPCIL) had shut down UPI platforms that Yes Bank as their UPI partner. According to NPCI’s website, this includes companies like Flipkart, Jabong, Myntra, RedBus among others. However, partners who have tie ups with multiple banks will not be affected.

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