 "Digital payment, swipe machine")
As more Indians opt for digital transactions, interoperability among instruments still continues to be an issue. The latest case in point is ICICI Bank blocking transactions through PhonePe, an app based on Unified Payments Interface (UPI).
According to ICICI Bank’s complaint, PhonePe was forcing customers to create new UPI handles on its platform and was violating the interoperability guideline. PhonePe, in its defence, maintained that all users who are registered with it can save their preferred UPI virtual payment address with it. A few months ago, State Bank of India (SBI) had blocked transfer of funds from SBI accounts to mobile
