The e-commerce giant’s mobile payments arm PhonePe has partnered with Yes Bank to launch a UPI (unified payments interface)-based mobile payments app, and hopes to reach 12 million users by December.
PhonePe links users to their bank accounts securely via their smartphones, which then can be used to authorize money transfers or merchant payments instantly by entering their 4-6 digit personal code, without having to enter their one-time password to authorize a transaction.
PhonePe competes with Paytm and Snapdeal-owned Freecharge.
