PhonePe, may other payment apps hit in wake of Yes Bank crisis

As Yes Bank went into moratorium, many a digital payment platforms bore the brunt on Friday as transactions were disrupted, with PhonePe facing "long outage".

PhonePe, which depends exclusively on Yes Bank as its payment services provider (PSP), was down since the order was imposed and also had to suffer the more-than-friendly barbs of rival Paytm Payments Bank on Twitter.

Yes Bank was put under moratorium late Thursday evening, with several caps, including allowing depositors to withdraw only Rs 50,000 per account and a slew of others including not taking fresh liabilities.

This resulted in the bank being unable to render the services as a PSP, experts said.

Even late in the evening, PhonePe was yet to start the Unified Payments Interface services, for which it depends on Yes Bank.

"We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI," its chief executive Sameer Nigam tweeted in the morning.

The troubles resulted in Paytm Payments Bank inviting PhonePe to its UPI platform through an open message on