"Pending resolution of these concerns, we have temporarily declined to undertake UPI transactions originating from this entity ," the spokesperson added. ICICI Bank's move was flagged on Twitter by PhonePe's CEO Sameer Nigam, adding that "such unilateral actions will hinder UPI adoption." He added that PhonePe had not received an official communication from ICICI Bank on the reasons for the move, and declined to comment further when contacted by ET. Payment company executives ET spoke to said on the condition of anonymity that UPI was expected to be a shot in the arm of banks which were losing a large chunk of their retail payments pie to mobile wallets. Hence, they were betting big on the fact that wallets cannot access UPI-based payments. However, with payment applications like Trupay and PhonePe using banks' APIs (Application Programming Interface) to access UPI-based payments bankers feel that they could be losing out to wallets again.