Yes Bank: Moratorium hits PhonePe, other fintech partners

Fintech companies like PhonePe have suffered after the RBI moratorium on Yes Bank affected multiple services overnight, disrupting the ecosystem.

UPI based transactions, a major service point for digital payment services came to a halt, and PhonePe which is the largest payments partner of the bank was among the worst affected.

On the whole, multiple industry sources told Moneycontrol that fintech partners which utilise Application Programming Interface (API) Banking have felt the jolt.

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