PhonePe wants to dethrone its Alibaba and SoftBank-backed rival, Paytm, claiming that additional capital that Walmart will bring to the table will help it grow much faster
Firm claims it has the largest UPI app for merchants in India catering to over 25,000 users
Flipkart-owned digital payments firm says it has tied up with 25,000 merchants
As it is in contravention to the UPI guidelines of interoperability
ICICI Bank says it blocked all UPI transactions made through PhonePe due to security concerns