On social media, many PhoneP users have complained about the problem of not transacting. PhonePay confirmed the breach in a tweet posted late Thursday night, describing it as a “scheduled maintenance activity.”
However, the matter has been confirmed due to the issue bank update on Friday by Samir Nigam, founder and CEO of PhoneP.
PhoneP is one of the many start-ups that the bank has as a takeover bank or payment service provider (PSP). Suigi also has Yes Bank on its list of banks that support UPI payments, so Swiggy has removed the option to order food using a UPI account from the app. Similarly, Flipkart has removed the payment option using PhoneP. Payment gateway RazorPay also uses Yes Bank in its backend. The agency said that while payment gateway services are not currently affected, some of Gateway’s other services may be affected by Yes Bank’s news.
Companies like Airtel Payments Bank and CRED have made it clear on social media how the news will affect their operations.
We work with multiple banks in the settlements and business is going on as usual and the transaction is going smoothly.
If you encounter any problems: [email protected]
– Kunal Shah (Kunal 11) March 6, 2020
Yes Bank is one of the leading private banks in India that provides many solutions to power startups. In November last year, Mumbai-based bank launched Yes Fintech Developer Platform as an AIPI sandbox with more than 50 virtual APIs to test banking integration for startups and individual developers for their applications.
Yes Bank puts Rs 50k per month in the RBI’s moratorium on deposit withdrawals. We must ask what the RBI nominee was doing on the board, let alone an investor who was polishing his teeth like a cheetah. https://t.co/s75eryy656
– Andy Mukherjee (@ andymukherjee70) March 5, 2020
In addition to the impact of this news on third-party apps and payment platforms, Yes Bank’s own apps and netbanking services have also been affected and access to them is currently closed. This means that if you have a yes bank account, you will not be able to transfer your funds to another bank. Other than that you can’t use NetBanking to make payments anywhere. Although there is no need to panic, hopefully the situation will return to normal soon.