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PhonePe restores card, wallet payments on mobile app after Yes Bank crisis

PhonePe has restored its payments services for transactions made using debit and credit cards and through its wallet on its mobile app on Saturday. The system had faced disruptions earlier in the day due to Yes Bank being put under a moratorium.

India TV Business Desk India TV Business Desk
New Delhi Updated on: March 07, 2020 10:33 IST
Yes Bank crisis: Phonepe restores card, wallet payments on mobile apps
Image Source : FILE

Yes Bank crisis: Phonepe restores card, wallet payments on mobile apps

PhonePe has restored its payments services for transactions made using debit and credit cards and through its wallet on its mobile app on Saturday. The system had faced disruptions earlier in the day due to Yes Bank being put under a moratorium.

The Payments firm suffered an outage in its services on Thursday after its banking partner Yes Bank was placed under a moratorium by the government. 

The firm tweeted last evening that its services were unavailable because of an 'unscheduled maintenance activity'. The payment firm took to Twitter and said: "We are temporarily unavailable. We are going through an unscheduled maintenance activity. We apologize for any inconvenience this may cause. We’ll be back soon."

The company's founder and CEO Sameer Nigam, however, confirmed that the outage had been caused because of the moratorium placed on its banking partner Yes Bank by the government.

 

ALSO READ | Yes Bank crisis: PhonePe suffers outage after banking partner put under moratorium

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