“Some banks including us have raised security related concerns at appropriate forums about the access to UPI data to a non-banking application," said an ICICI spokesperson in an emailed response. As of Friday last week, India's ICICI Bank has stopped any transactions on the payments app PhonePe, according to the app's CEO Sameer Nigam. The move comes after a group of Indian banks and mobile operators threatened to pull out of the service over concerns about its privacy safeguards.
As of Friday last week, India's ICICI Bank has stopped any transactions on the payments app PhonePe, according to the app's CEO Sameer Nigam. The move comes after a group of Indian banks and mobile operators threatened to pull out of the service over concerns about its privacy safeguards.