Now Create Multiple Axis Bank UPI Ids with PhonePe

PhonePe, India's leading digital payment network, announced that it has collaborated with Axis Bank, on the Unified Payments Interface (UPI) multi-bank model. It aims to offer its users the ability to build and use multiple UPI IDs with the "@axl" handle of Axis Bank. Earlier, only one UPI ID per bank could be generated and used by users.

In addition to its alliance with YES Bank, the company will also continue to acquire merchants with Axis Bank.

"We are excited to partner with Axis Bank to provide our users an 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." Hemant Gala, VP Financial Services & Payments, PhonePe, said.

Sanjeev Moghe, EVP & Head Cards & Payments, Axis Bank, said, "This collaboration with PhonePe strengthens our commitment towards digitization of the Indian payment ecosystem. It will help expand our reach to customers and the merchant community while offering secure and seamless payment experiences."

In January, PhonePe emerged as the largest UPI app, handling 968.72 million transactions worth 1.92 trillion, according to data from the National Payments Company (NPCI).

The goal of the Indian digital payment business is to make UPI transactions seamlessly in collaboration with Axis Bank.

So far, the main banking partner of PhonePe was Yes Bank, catering 265 million registered customers to PhonePe. Partnering with multiple banking partners is anticipated to boost the overall reliability.

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