Walmart's payment services provider PhonePe have suffered an outage after the Reserve Bank of India (RBI) on Thursday put Yes Bank under moratorium. Strangely, PhonePe, despite its big transactions is fully dependent on Yes Bank, as its payment gateway or payment services provider (PSP) and thus could not carry out any single transaction since Thursday evening. In addition, many users of Yes Bank's application programming interface (API) banking services are also facing severe issues in transactions. The moratorium on Yes Bank has also affected several small, cooperative banks that dependent on the crisis-hit lender for electronic inter-bank payment transactions.
Yes Bank Crisis Hit Payments App
Immediately after the RBI announcement, PhonePe said its services were temporarily not available as it was going through an unscheduled maintenance activity.
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