PhonePe has paired up with ICICI Bank for UPI transactions. PhonePe earlier tied up with Yes Bank, but after YES Bank has been placed under moratorium by Reserve Bank of India due to which UPI transactions at PhonePe got disrupted.
PhonePe says it will by the end of this year create an Automated Teller Machine (ATM) network of 2 million users, helping the Walmart-owned service to fight rivals Alibaba-backed Paytm, Google Pay and Amazon Pay.
PhonePe, one of the leading digital payments firms in India backed by global retail giant Walmart, has announced to extend into the insurance, mutual fund and instant-cash segments to tap the fast growing digital payments industry, which is expected to touch $10 trillion by 2027.
The Bengaluru-based fintech firm has announced two major tie-ups with Aditya Birla SunLife Mutual Fund and Bajaj Allianz General Insurance. PhonePe’s tie-up with Aditya Birla Sun Life Capital will allow its users invest in liquid fund. Under its tie-up with Bajaj Allianz General Insurance, PhonePe offers its users cover on up to 1 million kilometres internal travel for a starting price of just Rs 216.
It also offers users instant refunds with no cancellation charges before the travel start date, and 24×7 international travel assistance to them throughout the journey, across 220 countries. Both leisure and business travellers can purchase travel insurance on the PhonePe app.
Popular e-commerce company PhonePe has recently launched its new ‘PhonePe ATM’ feature which will allow customers to take cash from merchants offering this facility. The service has been launched on a pilot basis in the Delhi-NCR region on Thursday and will soon be open in other parts of the country if it earns a good response from people there.
There will not be any charges for customers or merchants to avail of this service and the withdrawal limit for customers will be the same as the limit set by their respective banks. The new kind of digital ATM service will help people in withdrawing money without the usage of ATM card and also help people to properly locate a nearby venue for withdrawing cash.