PhonePe has partnered with Axis Bank to allow users to create multiple UPI IDs through the partner bank. The Indian digital payments company aims at making UPI transactions seamless with its partnership with Axis Bank. The company will also acquire merchants with Axis Bank in addition to its partnership with Yes Bank. PhonePe users can create and use multiple UPI IDs with Axis Bank’s “@axl” handle. The Flipkart-owned payments app emerged as the top UPI app in January 2021. It processed over 968.72 million transactions in January worth Rs 1.92 trillion, according to data from the National Payments Corporation of India (NPCI). Let’s take a look at the PhonePe partnership with Axis Bank to create multiple UPI IDs for its users.
PhonePe users can create multiple UPI IDs after payments company partners with Axis Bank
PhonePe’s partnership with Axis Bank will give its users an option to create and use multiple UPI IDs with an Axis Bank ID. Until now, users could only create and use one UPI ID per bank. The partnership will give PhonePe users an option to create and use two UPI IDs. The multiple UPI IDs will have Axis Bank’s “@axl” handle.
“Collaborating with multiple banking partners will further strengthen the overall service reliability and uptime of PhonePe’s offering,” the company said in an email statement. PhonePe’s VP Financial Services & Payments said, “We are excited to partner with Axis Bank to provide our users with the option to create and transact using @axl handle on PhonePe. Our 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 our customers and merchant partners, making their transaction experience seamless.”
PhonePe will also acquire merchants with Axis Bank in addition to its partnership with Yes Bank.
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