Reported by: banking|Updated: February 15, 2021
Axis Bank and PhonePe are collaborating on the UPI multi-bank model giving users the option to create and use multiple UPI IDs with Axis Bank’s ‘@axl’ handle. In addition, PhonePe will start acquiring merchants with Axis Bank in addition to its partnership with Yes Bank. This is in line with the company’s philosophy of offering users and merchant partners a seamless transaction flow. Collaborating with multiple banking partners will further strengthen the overall service reliability and uptime of PhonePe’s offering. Hemant Gala, Vice President, Financial Services & Payments, PhonePe said the PhonePe platform now enables the users to choose between multiple handles for their UPI transactions on the multi bank model. This partnership with Axis Bank will ensure greater business continuity for both its customers and merchant partners making their transaction experience seamless, he added. Sanjeev Moghe, EVP & Head – Cards & Payments, Axis Bank said the collaboration with PhonePe will strengthen the bank’s commitment towards digitization of the Indian payment ecosystem.