PhonePe becomes the first non-bank app to launch UPI-based IPO applications

Flipkart’s PhonePe has got approval from NPCI to let its customers bid for IPO’s using its UPI platform. With this, it becomes the first non-banking entity to facilitate such transactions.

While bidding for IPO, users will have to supply their UPI ID linked to their bank account and post the validation of request by the bank, the equivalent amount will be blocked from the account.

As of now, the entire process may take up to 7 days, but the company says that it is working to bring down the processing time to 3 days or lower.

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