ICICI Blocks PhonePe over ‘restrictive practices’

ICICI bank has blocked Flipkart’s PhonePe citing ‘restrictive practices’.

“Some banks, including us, have raised security-related concerns at appropriate forums about the access to UPI data to a non-banking application. Further, this entity is following restrictive practices allowing users to make payments with only its UPI handle, which is in contravention to the UPI guidelines of interoperability and choice that empowers a customer to choose any app to make payments through UPI [source] Earlier SBI blocked all wallets.

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