Major digital services have been affected in the country, as Yes Bank was restricted by the Reserve Bank of India (RBI) from allowing its users to make transactions of large amounts.
That’s not the only thing that has people worried, as Yes Bank is also one of the biggest back-end solution platforms for making UPI payments across popular services like Swiggy and PhonePe as well as online shopping giant Flipkart among others.
Now PhonePe has updated its users via Twitter that wallet, card services and UPI payments are now available.
PhonePe on Saturday confirmed that its services were unavailable as it was going through an unscheduled maintenance activity. Basically, the unavailability of Yes Bank network forced the Walmart-owned payment entity to look for other partner and it has now confirmed to be working with ICICI Bank for its UPI service.
Paytm is also blocking payments made to Yes Bank accounts by its users, asking them to change their primary bank account before making such payment.
Airtel Payments Bank, which is also listed as one of the merchant using Yes Bank for UPI service on NPCI website has confirmed its payment services remain unaffected.
The National Payment Corporation of India (NPCI) governs UPI payments and its ecosystem in the country, and Yes Bank is listed as one of the prime back-end providers for a lot of digital services.
As per the update on the NPCI website, the likes of Swiggy, Flipkart Redbus and more have now switched their UPI service network, allowing them to operate once again.
Last week, Razorpay confirmed to The Quint its payment services have not been affected because of Yes Bank APIs going offline.
It is worth mentioning that other third-party UPI payment apps like Google Pay, Mi Pay, Amazon Pay and Samsung Pay are not affected and users will be able to make payments without any restrictions. This is because they have multiple banking partners providing back-end payment solution.
(This is a developing story and will be updated)