After burning the midnight oil to migrate Yes Bank consumer IDs and merchant payments on the Unified Payments Interface (UPI) to ICICI Bank , both PhonePe and BharatPe (one of the largest merchant payments apps) said they restored operations fully over the weekend.

These include peer-to-peer and merchant payments via UPI Following the Yes Bank shocker, Bengaluru-based PhonePe has now initiated talks with State Bank of India (SBI) to have a multi-bank approach for UPI, two people aware of the matter said.

Sources also said that the National Payments Corporation of India ( NPCI ) played a critical role in emerging out of the Yes Bank crisis in 24 hours.

Yes Bank has given a no-objection certificate to migrate user UPI handles to ICICI Bank till the moratorium is in place.

Kotak Mahindra Bank's chief digital officer Deepak Sharma said it is always on the lookout for "mutually beneficial partnerships" without commenting on talks with BharatPe. | To read full story, visit https://startuparound.com/read/1583730008.1477888/PhonePe,-BharatPe-in-talks-with-multiple-banks-to-support-UPI?ref=audio_experience