Yes Bank crisis: UPI’s use dives 40%, PhonePe lines go dead

An unexpected fallout of RBI’s moratorium on Yes Bank was 40% fall in UPI transactions, largely because fintech app PhonePe could not operate as it is plugged into Yes Bank to provide UPI-based account-to-account transfer services. Peer-to-peer payments, online merchant payments, and in-store QR code-based payments were some of the services that were hit.

from Times of India https://ift.tt/3axmzVs