PhonePe’s transaction bounces back after outage

Chennai: Digital payment platform, PhonePe, said its transaction has bounced back hard in the last 24 hours. The platform processed over Rs 4,000 crore worth of transactions in 24 hours and saw its largest ever volume of user traffic in a single day (with over 70 million app sessions).

PhonePe saw an extended service outage, which started immediately after the RBI moratorium on Yes Bank on 5 March lasting for nearly 24 hours till 6 March.

A statement from the firm said, the PhonePe team worked overnight with NPCI and ICICI bank, its new UPI partner to ensure all its services were up and running within a day. All merchant payment settlements were restored by Friday noon and all consumer wallet, credit and debit card payments were restored by 3 pm. All UPI services were restored by Friday night, with PhonePe users continuing to use their UPI @ybl handles, the statement added.

Commenting on the development, founder and CEO PhonePe, Sameer Nigam said, ‘Friday was an extraordinarily difficult situation with little precedence. We are grateful to RBI, NPCI, Yes Bank and ICICI for working collectively to ensure that millions of our customers and merchants were not inconvenienced a minute longer than necessary.’

He added, ‘The trust and loyalty our customer and merchant partners have reposed in us by coming back in larger numbers than ever before is truly humbling. I would also like to take a moment to appreciate the mammoth effort of all the PhonePe employees who worked tirelessly for 36 hours straight with a singular focus on getting all our customer and merchant services live as fast as possible.’

NT Bureau