PhonePe hits back at ICICI Bank for blocking its services

BENGALURU: PhonePe, the mobile wallet and UPI-based payments company owned by Flipkart, on Monday hit back stating that ICICI Bank has not made any official complaint on why they are blocking its services.

PhonePe added that more than 20,000 UPI transactions worth over Rs 5 crore have failed “due to this action taken by ICICI Bank inconveniencing their own customers.”

Also read: ICICI Bank blocks payments for its customers on Flipkart’s wallet PhonePe


Late last week, ICICI Bank blocked payments by its customers on PhonePe, citing “restrictive practices” and security concerns over data. The response by PhonePe was given through an open letter to its customers, saying that there were no security issues.

“We followed all the detailed guidelines and procedures laid down by NPCI for an app to go live on UPI. We went through over a 100 plus use case test cases, detailed certification, vulnerability assessment, penetration testing and third-party application security testing, before NPCI gave us permission to go live,” wrote founder Sameer Nigam.