Your Web News in One Place

Help Webnuz

Referal links:

Sign up for GreenGeeks web hosting
March 6, 2020 02:50 pm

India's Yes Bank Breakdown Disrupts Walmart's PhonePe Among Dozen Other Services

Tens of millions of merchants and users in India are struggling to make online transactions and use several popular services after the nation's central bank seized control of Yes Bank, the fourth largest lender in the country. From a report: The emergency takeover of the private sector bank has taken off several financial startups that rely on it for facilitating services such as processing QR codes, point-of-sale terminals as well as transactions of UPI-based payments. Leading payments app PhonePe, owned by e-commerce giant Walmart, has been inaccessible to tens of millions of its users since Thursday evening (local time). The startup said in a statement that it was working to restore its services, and has solved some of the issues for its merchant partners. [...] New Delhi took over Yes Bank midnight on Thursday, after the Reserve Bank of India said it had no alternative but to implement measures to replace the private sector firm's board and temporarily restrict withdrawals and suspend all other transactions for 30 days. Yes Bank has struggled for months to raise capital to improve its financials. According to NPCI, Yes Bank is the technology banking partner for ticketing platforms Cleartrip, MakeMyTrip, and RedBus, telecom operator Airtel, food-delivery startup Swiggy, movie ticketing business BookMyShow and PVR, Microsoft's chat service Kaizala, as well as several other Flipkart properties including the marquee service, fashion platforms Jabong, and Myntra.

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/g-a-YMIMx_Q/indias-yes-bank-breakdown-disrupts-walmarts-phonepe-among-dozen-other-services

Share this article:    Share on Facebook
View Full Article

Slashdot

Slashdot was originally created in September of 1997 by Rob "CmdrTaco" Malda. Today it is owned by Geeknet, Inc..

More About this Source Visit Slashdot