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India’s Yes Bank breakdown disrupts Walmart’s PhonePe among a dozen other services

Tens of millions of merchants and users in India are struggling to make online transactions and use some of their popular services after the nation’s central bank seized control of Yes Bank, the fourth largest lender in the country.
The emergency takeover of the private sector bank has disrupted several financial startups that rely on it for facilitating services such as processing QR codes, and their point-of-sale terminals as well as transactions of UPI-based payments.
Bangalore-based PhonePe, owned by e-commerce giant Walmart, has been inaccessible to tens of millions of its customers 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.
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