PhonePe spikes to Rs 4000 crore transactions in 24 hours

PhonePe app has claimed to have bounced back to normal after being hit by its partner bank Yes Bank’s moratorium which led to a service outage for 24 hours on March 5.

The payment platform said that it has processed over Rs 4000 crore worth of transactions in 24 hours, which is the largest ever volume of user traffic in a single day .

At present, PhonePe has about 200 million customers.On Saturday, over 25 million customers used the PhonePe app, the company said in a statement.

Earlier on March 5, Bengaluru-based firm suffered a service outage after the RBI placed a moratorium on Yes Bank, which was the sole banking partner of PhonePe.

Yes Bank used to power the banking infrastructure for the Walmart-owned entity through its APIs. As a result of the RBI move, Yes Bank had stopped supporting PhonePe and many other fintech apps services.

Following complaints from users of not being able to perform transactions on the PhonePe app, the company claimed to have worked overnight with the National Payments Corporation of India (NPCI) and its new UPI partner ICICI Bank to ensure all its services were up within a day.

“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. The trust and loyalty our customer and merchant partners have reposed in us by coming back in larger numbers than ever before are truly humbling,” said Sameer Nigam, Founder and CEO PhonePe in the statement.